Kec Bags Huge Orders, Hits Top Limit

The share price of KEC Interna-tional today touched the 20 per cent upper limit of the circuit breaker of Rs 20.75 on reports that it had bagged power project orders worth Rs 1,000 crore in West Asia and Africa.

The power sector stock saw a volume of 2.12 lakh shares on the Bombay Stock Exchange (BSE). At its ceiling, the outstanding buy position in the stock was over 3.20 lakh shares. Interestingly, the scrip has risen 37 per cent to Rs 17.30 from Rs 12.65 in 27 sessions between May 21 and June 27. As per a company announcement, the projects are to be executed in Iraq, the United Arab Emirates, Tunisia, Algeria and Oman.

 

Infrastructure projects being carried out by the government, in addition, should boost revenues of power sector firms in general, dealers said.

Power sector stocks are upbeat on expectations that the Power Bill will be passed in the monsoon session of Parliament. The bill is expected to streamline the payment of dues from state electricity boards (SEBs) to power companies.

The core infrastructure index based on six industries grew 5.8 per cent in the April-May 2002 period. For the month of May 2002, the index of six industries registered a 5.5 per cent increase, up from 1.7 per cent in May 2001.

Kamani Engineering Corporation was incorporated as a public limited company on May 7, 1945. It was renamed KEC International in June 1984. The company is engaged in the design and manufacture of power transmission line towers and petrochemicals.

The company