KEC International jumps after land deal

KEC International jumped 3.47% to Rs 70.05 at 10:04 IST on BSE after the company said it entered into an agreement to sell over 7.3 acres of land to a Tata Group subsidiary for about Rs 212 crore.

The company made the announcement before market hours today, 1 April 2014.

Meanwhile, the BSE Sensex was up 14.69 points, or 0.07%, to 22,400.96.

On BSE, so far 1.75 lakh shares were traded in the counter, compared with an average volume of 79,928 shares in the past one quarter.

The stock hit a high of Rs 74.80 so far during the day, which is also a 52-week high for the counter. It hit a low of Rs 69.10 so far during the day. The stock hit a 52-week low of Rs 23.25 on 4 September 2013.

The stock had outperformed the market over the past one month till 31 March 2014, rising 25.60% compared with the Sensex's 5.99% rise. The scrip had also outperformed the market in past one quarter, rising 18.77% as against Sensex's 5.74% rise.

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

In a communication to the stock exchanges, KEC International said that it has entered into an agreement with Ardent Properties, a wholly-owned subsidiary of Tata Housing Development Company, for selling over 7.3 acres of land at Rs 29 crore per acre. The land is located in Thane district of Maharashtra and all the formalities are expected to be completed in about 3 months, the company added.

On a consolidated basis, KEC International's net profit declined 34.7% to Rs 19.15 crore on 23% growth in net sales to Rs 2180.16 crore in Q3 December 2013 over Q3 December 2012.

KEC International is a global infrastructure engineering, procurement and construction (EPC) company. It has presence in the verticals of power transmission, power systems, cables, railways, telecom and water. The company has powered infrastructure development in 50 countries across Africa, Americas, Central Asia, Middle East, South Asia and South East Asia. It is the flagship company of the RPG Group

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