Rs 42,000 crore order book & FIIs increase stake: This cable company bags new orders worth Rs 1171,00,00,000 in Middle East
The stock is up by 57.41 per cent from its 52-week low of Rs 551 per share and gave multibagger returns of 755 per cent in a decade.
KEC International Ltd, a leading global infrastructure engineering, procurement, and construction (EPC) company based in Mumbai, India, has secured new contracts worth a combined Rs 1,171 crore in the Middle East. These contracts are for the construction of high-voltage transmission lines: a 400 kV line in the United Arab Emirates and a 380 kV line in Saudi Arabia. This win underscores KEC International's strong presence and expertise in the Middle Eastern T&D market, further solidifying its position as a key player in the region's power infrastructure development.
Earlier, the company secured orders worth Rs 1,079 crore in the Transmission & Distribution (T&D) and Cables businesses. The T&D business has won orders for projects in India, the Middle East, and the Americas, including 765 kV/ 400 kV transmission lines in India, 230/132 kV transmission lines in Saudi Arabia and Oman, and the upgrading of a 400 kV transmission line in the UAE. Additionally, the Cables business has secured orders for various types of cables in India and overseas.
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On Wednesday, shares of KEC International Ltd gained 0.41 per cent to Rs 867.30 per share from its previous closing of Rs 863.75 per share. The stock’s 52-week high is Rs 968.20 while its 52-week low is Rs 551.
KEC International Ltd had a market cap of over Rs 22,000 crore and has been maintaining a healthy dividend payout of 35 per cent. The company reported amazing numbers in its Quarterly Results (Q4FY24) and annual results (FY24). The company’s current order book stands at Rs 42,000 crore including the L1 orders as of June 30, 2024. Tenders under evaluation and in the pipeline of over Rs 1,50,000 crore.
As of June 2024, FIIs have increased their stake to 12.66 per cent compared to 12.45 per cent in March 2024. The stock is up by 57.41 per cent from its 52-week low of Rs 551 per share and gave multibagger returns of 755 per cent in a decade. Investors should keep an eye on this mid-cap company for upcoming trading sessions.
Disclaimer: The article is for informational purposes only and not investment advice.
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