KEC International gains after brokerage initiates coverage

KEC International rose 2.08% to Rs 378 at 13:42 IST on BSE after a foreign brokerage reportedly initiated coverage on the stock with an outperform rating.

Meanwhile, the S&P BSE Sensex was up 139.20 points, or 0.39% to 35,831.72.

On the BSE, 41,000 shares were traded in the counter so far compared with average daily volumes of 50,000 shares in the past two weeks. The stock had hit a high of Rs 383.95 and a low of Rs 376 so far during the day. The stock hit a record high of Rs 442.60 on 19 April 2018. The stock hit a 52-week low of Rs 209 on 28 June 2017.

On a consolidated basis, net profit of KEC International rose 34.89% to Rs 196.31 crore on 28.60% rise in net sales to Rs 3664.17 crore in Q4 March 2018 over Q4 March 2017.

KEC International is a global infrastructure engineering, procurement & construction (EPC) major with presence across power transmission & distribution, cables, railways, water, renewables and civil.

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