KEC International rises 8% on bagging orders worth Rs 1,007 crore

Brokerage house Geojit has reiterated ‘Accumulate’ rating on the stock with a target price of Rs 703

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Stock price of KEC International rose 8 percent during early trade on August 21 after the company bagged orders worth Rs 1,007 crore across various businesses. At 09.36 am, the stock was quoting Rs 655.50, up nearly 5 percent from the previous close, on the BSE.

The company’s civil business secured an order for design, engineering, procurement and construction of a multi-speciality hospital in India. Its transmission and distribution (T&D) business secured an order for a 380 KV overhead transmission line project in the Middle East. And its cable business secured orders for supply of various types of cables in India and overseas.

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Earlier in August, KEC International had won new orders worth  Rs 1,065 crores across various businesses. Brokerage house Geojit has reiterated ‘Accumulate’ rating on the stock, in its report dated August 16 with a target price of Rs 703.

In the quarter ended June FY24, the company posted a 36.5 percent jump in its consolidated profit at Rs 42.33 crore, while revenue rose by 27.9 percent to Rs 4,243.59 crore, compared with Q1FY23.

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