KEC International secures orders worth Rs. 1,025 crores, ends positive

The KEC international stock recovered from its intra-day lows on Friday after it reported that it secured orders worth Rs. 1,025 crores across its businesses. It may also continue to trend positively on Monday’s early trade.

On Friday, the company released a press note, which said that it has secured an order from the Power Grid Corporation for 765kV GIS substation under Tariff Based Competitive Bidding (TBCB) route in Western India. The transmission and distribution business also won 400kV transmission line orders in Tamil Nadu and Eastern India.

The other order, which is worth Rs. 125 crores, is from the railways for signaling and telecommunication works for RVNL in Eastern parts of India. While in northern India, overhead electrification work will be executed under the order. The cable business, which nearly 10 per cent of the total revenues, won Rs. 150 crores worth orders for various projects.

At the end of September 2019, the order book of the company stood at Rs. 18,085 crores (including L1 of Rs. 5,000 crores), comprising 64 per cent from the T&D segment, 29 per cent from the Railways, and the rest from other segments.

The stock closed Friday’s session higher by 0.83 per cent at Rs. 271.95. The benchmark index Sensex, on the other hand, closed down by 334 points at 40,445.