Shares of KEC International rallied up to 6% on Tuesday to the day’s high of Rs 429.60 on NSE after the company secured new orders of Rs 1,303 crore across various business segments.
According to a filing with the exchange, the company said that under its Transmission & Distribution (T&D) business, it has secured orders for T&D projects across India, the Middle East and America.
This includes 400 kV transmission lines in Northern India, 380 kV transmission lines in Saudi Arabia, and supply of towers, hardware and poles in the Americas.
In the cables and conductors business, the company has secured various orders in India and the overseas market.
“We are delighted with the new order wins, amidst a challenging environment. Our India T&D business has secured a prestigious order from an existing private client for a transmission line project to evacuate power from a hydroelectric plant in Northern India,” said Vimal Kejriwal, MD & CEO, KEC International.
“The International T&D business has further strengthened its presence in the Middle East with multiple order wins in Saudi Arabia. The outlook for our T&D business remains robust, driven by these orders, a strong L1 position, a large pipeline of opportunities and sustained demand across our key markets,” Kejriwal further said.
Kejriwal also said that with these orders, the company’s YTD order intake stands at over Rs 7,600 crores and these orders will play a key role in driving our targeted growth going forward.
In August, the company announced receiving new orders worth Rs 1,063 crore across its four market segments. Under the civil segment, the business secured a significant order for a high-rise residential project from a renowned real estate developer, involving the development of 24 lakh sq. ft. of residential buildings along with associated facilities.
Under the transmission & distribution segment, the business secured orders for T&D projects which include 400 kV Transmission lines in Africa and supply of towers, hardware, and poles in the Americas.
Under the renewables segment, the business secured an order for a 50+ MW Wind EPC project from an existing private developer in Western India and under the cables & conductors segment, the business secured various orders in India and the overseas market.
Shares of KEC International fell 7.35% last month and nearly 44.80% YTD. In the last one year, the stock tanked 53.81%. In the last three years and five years, the stock tumbled 38.27% and 5.93%, respectively.