KEC International advances after securing orders

KEC International rose 1.57% to Rs 271 at 10:56 IST on BSE after the company said it has secured new orders worth Rs 1845 crore.

The announcement was made before market hours today, 10 July 2017.

Meanwhile, the S&P BSE Sensex was up 209.35 points, or 0.67% at 31,569.98. The S&P BSE Mid-Cap index was up 53.15 points, or 0.36% at 14,994.92.

On the BSE, 1.23 lakh shares were traded on the counter so far as against the average daily volumes of 1.06 lakh shares in the past one quarter. The stock had hit a high of Rs 277.05 and a low of Rs 270 so far during the day. The stock had hit a record high of Rs 283.50 on 1 June 2017 and a 52-week low of Rs 111.20 on 9 November 2016.

The stock had outperformed the market over the past one month till 7 July 2017, advancing 0.32% compared with the Sensex's 0.29% rise. The scrip had also outperformed the market over the past one quarter advancing 24.59% as against the Sensex's 5.57% rise. The scrip had also outperformed the market over the past one year advancing 85.47% as against the Sensex's 15.29% rise.

The mid-cap company has equity capital of Rs 51.42 crore. Face value per share is Rs 2.

KEC International said that of the total new orders of Rs 1845 crore, the company's transmission & distribution business secured order worth Rs 1684 crore in India and the Americas. The cables business received orders of Rs 161 crore.

Vimal Kejriwal, MD & CEO, KEC International, said that the order book in its core transmission & distribution business has strengthened significantly with the above order wins. The company has successfully diversified its customer base to include private developers and other clients in addition to the current power utilities. The company has a very strong order book and a healthy L1 position, Kejriwal said.

KEC International's consolidated net profit rose 90.5% to Rs 145.56 crore on 11.3% increase in net sales to Rs 2849.20 crore in Q4 March 2017 over Q4 March 2016.

KEC International is a global infrastructure engineering, procurement and construction (EPC) major. It has presence in the verticals of power transmission and distribution, cables, railways, renewables and civil.

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