KEC International Shares Surge 7%, Reach Record High on New Order Wins

KEC International Ltd’s shares rose 7% to hit a new record high, following the announcement of securing turnkey orders worth Rs 1,704 crore in its Transmission & Distribution (T&D) segment. The stock surged 6.98% to an all-time high of Rs 1,094.95 in early trading, compared to its previous close of Rs 1,023.45 on the Bombay Stock Exchange (BSE). As a result, the company’s market capitalization reached Rs 28,012 crore.

The civil construction company has gained 74% so far in 2024 and posted an impressive 85.62% rise over the past year. In total, 1.02 lakh shares of KEC International were traded, generating a turnover of Rs 10.95 crore.

With a beta of 1.1, KEC International’s stock is considered to have high volatility over the past year.

From a technical perspective, the stock’s relative strength index (RSI) stands at 55.7, indicating that it is neither in the overbought nor oversold zone. The stock is trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 200-day, and 100-day moving averages. The stock had previously reached a 52-week low of Rs 569.50 on November 29, 2023.

In its most recent quarterly results (Q2), KEC International reported a 53% year-on-year increase in net profit, reaching Rs 85.4 crore compared to Rs 55.8 crore in the same period last year. Revenue from operations also rose by 13.7% to Rs 5,113.3 crore in Q2, compared to Rs 4,499 crore in the same quarter of the previous fiscal year. EBITDA saw a 16.7% growth, reaching Rs 320.2 crore, up from Rs 274.4 crore in Q2 of the prior fiscal year.

KEC International, part of the RPG Group, is a global leader in infrastructure engineering, procurement, and construction (EPC). The company operates across several sectors, including power transmission and distribution, railways, civil, urban infrastructure, solar, oil and gas pipelines, and cables. Currently, it is executing infrastructure projects in over 30 countries, with a footprint in more than 110 countries