Rs 37,000 crore order book & FIIs increase stake: This engineering company bags new orders worth Rs 1025,00,00,000 in T&D and cables businesses
The stock is up by 71 per cent from its 52-week low of Rs 549.90 per share and gave multibagger returns of 640 per cent in a decade.
KEC International Ltd, a prominent infrastructure EPC company (KEC International Ltd. or globally as KEC), secured new orders worth Rs 1,025 crores across its T&D and Cables divisions. These T&D projects span India, Africa, and the Americas, including a 765 kV GIS Substation in India for Power Grid Corporation of India Limited (PGCIL), a comprehensive 225 kV project in West Africa involving transmission lines, substations, and underground cabling, and supplying towers, hardware, and poles in the Americas. The cable business also garnered orders for various cable types in both domestic and international markets.
Earlier, the company secured new orders worth Rs 1,002 crore for its civil business. This win includes their largest residential project yet, consisting of building residential projects in northern and southern India for well-known developers. Additionally, KEC International was awarded a contract to construct official residences and facilities for senior Indian defence officials.
Today, shares of KEC International Ltd gained 9.05 per cent to an intraday high of Rs 941.05 per share from its previous closing of Rs 862.95 per share. The shares of the company saw a spurt in volume by more than 2.90 times on BSE.
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KEC International Ltd had a market cap of over Rs 23,000 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 37,000 crore including the L1 orders worth Rs 7,000 crore as of March 31, 2024.
As of March 2024, FIIs have increased their stake to 12.45 per cent compared to 10.90 per cent in December 2023. The stock is up by 71 per cent from its 52-week low of Rs 549.90 per share and gave multibagger returns of 640 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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