Shares of this Engineering stock under the ‘mid-cap’ category rose up to 11 percent after receiving various orders across a wide range of business segments. In the last six months, the company’s stock has gained more than 50 percent.
With a market capitalization of Rs 17,973.05 crores, the stocks of KEC International Limited started their trading session on Wednesday at Rs 698.05 and currently trade at Rs 699.10.
The scrip witnessed an intra-day high, also marked as the company’s new 52-week high price, of Rs 739 indicating a gain of around 11 percent as compared to the previous close of Rs 664.40 apiece.
Such bullish movements in the stock were observed after the company, through a regulatory filing with the BSE dated 12th September 2023, announced the receipt of new orders worth Rs 1,012 crores across various business verticals,i.e., civil, cables, and the transmission & distribution (T&D) segment.
The ‘Civil’ segment secured orders from new clients in the Data centre and FMCG segments. The ‘Cables’ segment received orders for the supply of various types of cables in India and overseas. Lastly, the T&D segment secured orders within as well as outside India.
During the recent quarters, the operating revenues of the company went down from Rs 5,525.01 crores during Q4FY22-23 to Rs 4,243.59 crores during Q1FY23-24. Moreover, the company’s after-tax profits have gone down from Rs 72.17 crores to Rs 42.33 crores keeping the timeframe the same.
According to the shareholding pattern data available for the June 2023 quarter, the company’s Promoters hold a 51.88 percent stake, and the Foreign Institutional Investors (FIIs) hold a 11.58 percent stake in the company.
KEC International Limited is an EPC infrastructure company with a presence in a wide range of sectors including cable manufacturing, power transmission and distribution, renewable energy, etc.
Written by Amit Madnani
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