KEC International turns volatile after securing new orders

KEC International announced that it has secured new orders of Rs 1,025 crore across its various businesses.

After starting the day in the green, the scrip erased all gains and was currently trading 0.53% lower at Rs 270.50. It has traded in the range of Rs 269.15 and Rs 275 so far during the day.

The company's transmission & distribution business has secured orders of Rs 750 crore for transmission and distribution projects in India.

The railways business segment of KEC International has secured domestic orders of Rs 125 crore.

The company's cables business has secured orders of Rs 150 crore for various types of cables/cabling projects.

Vimal Kejriwal, MD & CEO, KEC International commented, "We are pleased with the new order wins, especially in our core T&D business. Our order book in India continues to grow, despite the general headwinds in the country. These orders along with the orders announced earlier during the year, reaffirms our confidence in achieving the targeted growth."

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

The company's consolidated net profit rose 42.2% to Rs 139.12 crore on a 16.6% increase in net sales to Rs 2808.81 crore in Q2 September 2019 over Q2 September 2018.

On the technical front, the stock's RSI (relative strength index) stood at 43.25. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading below its 50-day moving average (DMA) placed at Rs 273.81, and below its 200 DMA placed at Rs 286.24.

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