KEC International Stock Up 9% On New Orders In Middle East
The firm secures new orders in its T&D business for a 400 kV transmission line in the UAE and 380 kV transmission line in Saudi Arabia
The stock price of KEC International skyrocketed 9 per cent in the Thursday trading session after the firm secured Rs new transmission and distribution T&D orders of Rs 1,171 crore in the Middle East.
KEC International stock traded at Rs 949 with 9.32 per cent gain in the morning session on the National Stock Exchange (NSE).
The global infrastructure EPC major, an RPG Group Company, secured new orders in its T&D business for a 400 kV transmission line in the United Arab Emirates (UAE) and 380 kV transmission line in Saudi Arabia.
“We are delighted with the ongoing success in our T&D business, highlighted by a series of significant order wins. The sustained inflow of orders in the Middle East has substantially expanded our International T&D order book. With the above orders, our year-to-date (YTD) order intake stands at Rs 10,000 crore, a stellar growth of 80 per cent compared to last year,” said Vimal Kejriwal, MD and CEO, KEC International.
Earlier this week, the share price of KEC International climbed 3 per cent in the Monday trading session after the engineering, procurement and construction (EPC) firm secured new orders worth over Rs 1,000 crore.
The frim secured new orders of Rs. 1,079 crore in transmission and distribution (T&D) and cables businesses.
The firm secured orders for T&D projects in India, Middle East and Americas. The orders included 765 kV/400 kV transmission lines order from a private developer in India.
Further, 230/132 kV transmission line orders in Saudi Arabia and Oman, and upgradation of an existing 400 kV transmission line in the United Arab Emirates (UAE).
In terms of stock’s performance, KEC International stock displayed robust performance with the returns of more than 50 per cent against the benchmark index, Nifty return of more than 15 per cent YTD.
