KEC International rises after securing new orders

KEC International rose 1.75% to Rs 343.45 at 10:01 IST on BSE after the company said it secured new orders worth Rs 1357 crore across its businesses.

The announcement was made after market hours yesterday, 10 July 2018.

Meanwhile, the S&P BSE Sensex was up 9.40 points, or 0.03% to 36,249.02.

On the BSE, 35,000 shares were traded in the counter so far compared with average daily volumes of 27,000 shares in the past two weeks. The stock had hit a high of Rs 354 and a low of Rs 343.20 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 273 on 11 July 2017.

KEC International said that its transmission & distribution (T&D) business has secured turnkey orders of Rs 1234 crore across India, Middle East, Africa, SAARC and the America. The cables business has secured orders of Rs 123 crore for various types of cables.

Vimal Kejriwal, MD & CEO, KEC International commented that the company is delighted with the new order wins, especially in the transmission & distribution business. The firm has consolidated its leadership position in the Middle East market by re-entering Dubai. With the order win in Nicaragua, KEC marks its direct entry into the American T&D EPC market, apart from its current presence in Brazil through SAE Towers, its wholly owned subsidiary.

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 and construction (EPC) major. It has presence in the verticals of power transmission and distribution, railways, civil, solar and cables.

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