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KEC Intl spurts on winning orders

Business Finance

Capital Market 

KEC International gained 2.23% to Rs 199.3 after the company secured new orders of Rs 1,203 crore across its various businesses.

KEC International on Tuesday (19 May) announced that the transmission & distribution (T&D) business and SAE Towers have secured orders of Rs 917 crore for T&D projects in India, Bangladesh, Africa and the Americas. The civil business has secured orders of Rs 176 crore for industrial [civil works for Flue Gas Desulfurization (FGD) project] and residential projects in India. The cables business has secured orders of Rs 110 crore for various types of cables/ cabling projects.

On the technical front, the stock's RSI (relative strength index) stood at 50.248. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock trades above its 20 days moving average (DMA) placed at 193.06 but below its 50 days moving average placed at 210.05. These levels will act as a crucial support and resistance zone in near term.

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, smart infrastructure and cables.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 19 2020. 10:11 IST