KEC International bucks market trend and towers above!
On Friday, Nifty fell like a pack of cards and also, breached its important psychological mark of 17,000. Besides, the performance of the broader markets was also not something to talk about as they unperformed the headline indices.
However, KEC International was one of the stocks, which was seen outperforming and bucking the negative trend of the market as it surged 1.42 per cent on Friday. The stock opened at Rs 454.80 and went on to touch a high of Rs 463.50, before closing around the level of Rs 460.30.
So, what was the key catalyst for the stock, which helped it to outperform the market by a wide margin?
KEC International, a global infrastructure EPC major, and an RPG Group company, has secured new orders of Rs 1,041 crore across its various businesses including transmission & distribution (T&D). The business has secured orders for T&D projects in India, the Middle East, and the Americas along with building a data centre in Western India in its civil segment. Apart from these, the business has also secured orders for various types of cables in India and overseas.
On this, Vimal Kejriwal, MD & CEO, KEC International Ltd commented, “We are very happy with the order wins, especially in the domestic T&D segment. With these orders, our YTD order intake stands at Rs 12,000 crore, a robust growth of over two times vis-à-vis last year. We are particularly enthused by our second order in the growing data centre segment.”
The stock surged over 5 per cent on a WTD basis while on an MTD basis, it soared more than 8 per cent thereby, outperforming the market during the same period.
The stock has formed an inside bar on the daily chart as Friday’s price action was within the high and low range of Thursday’s session.