KEC International edges higher as promoter hikes stake

KEC International was up 1.09% to Rs 380.60 at 12:49 IST on BSE after the company's promoter entity viz. Instant Holdings, increased stake in the company via bulk purchases yesterday, 19 February 2018.

Meanwhile, the S&P BSE Sensex was up 158.77 points or 0.47% at 33,933.43. The S&P BSE Mid-Cap index rose 0.29%, underperforming the Sensex.

On the BSE, 46,000 shares were traded on the counter so far as against average daily volumes of 1.65 lakh shares in the past one quarter. The stock had hit a high of Rs 386.50 and a low of Rs 375 so far during the day. The stock had hit a record high of Rs 413.10 on 16 February 2018 and a 52-week low of Rs 160 on 8 March 2017.

The stock had outperformed the market over the past one month till 19 February 2018, gaining 4.61% compared with the Sensex's 4.89% fall. The stock had also outperformed the market over the past one quarter, advancing 28.78% as against the Sensex's 1.3% rise. The scrip had also outperformed the market over the past one year, surging 127.56% as against the Sensex's 18.64% rise.

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

Stellar Energy Trust sold 28.05 lakh shares of KEC International to promoter Instant Holdings at Rs 395.95 per share in a bulk deal on the BSE yesterday, 19 February 2018.

Instant Holdings controlled 7.01% stake in KEC International end December 2017.

On a consolidated basis, KEC International's net profit surged 78.5% to Rs 111.77 crore on 25.8% growth in net sales to Rs 2404.94 crore in Q3 December 2017 over Q3 December 2016.

KEC International is a global infrastructure engineering, procurement and construction (EPC) major.

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