The Delhi High Court also allowed KEC International to keep on participating bidding process for future tenders from Power Grid Corp
RVNL, Jupiter Wagons, KEC International, JSW Infra, GE Vernova, HBL Engineering, KSB, Lloyd Metals and Sagility are seen trading above the Supertrend indicator in Monday's intra-day trade, show charts
KEC International on Wednesday said the company sees "no bearing" on the execution of existing contracts from Powergrid, after being excluded from participating in future tenders by the state-owned transmission player. The company has issued a clarification after receiving a communication from Power Grid Corporation of India Ltd (PGCIL) that it has been excluded for a period of nine months related to an earlier issue. In a statement to exchanges, KEC International said it "does not foresee any material impact on its ongoing operations or financial position". The company said it is examining various options available, including legal recourse/approaching PGCIL for reconsideration of the matter. In a filing to exchanges on Tuesday, KEC International informed "receiving a letter from PGCIL informing that the company has been excluded from participating in tenders of PGCIL and award of contracts by it for a period of 9 months... for alleged transgression of contractual provisions, in .
KEC International said the Company does not envisage any major impact on its operations and financial position, considering the strong order book and tender pipeline.
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The upward movement in KEC International share price came after the company announced that it has bagged new orders worth ₹1,174 crore
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At 11:01 AM, KEC International share price continued to trade 5.95 per cent higher at ₹917.50 per share. In comparison, BSE Sensex was trading 0.33 per cent lower at 81,888.99 levels.
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The orders include 400 kilovolts (kV) transmission lines in the United Arab Emirates (UAE) and the supply of towers, hardware, and poles in the Americas, the company said
Motilal Oswal analysts see sustained demand visibility for transmission EPC companies such as KPIL and KEC, aided by large-scale projects, international opportunities & improving margin prospects.
KEC International shares gained 7.6 per cent, logging an intra-day high at ₹837.6 per share on BSE; check all details
KEC International wins fresh orders worth ₹1,402 crore across transmission, civil and cables segments, taking YTD intake beyond ₹8,400 crore and strengthening its growth momentum
KEC International shares rose after its first-quarter profit rose by over 42 per cent, along with order wins worth ₹1,509 crore