KEC International shares surged over 7 per cent on Thursday after the global infrastructure EPC major s secured new orders worth Rs 1,036 crore in Middle East and Americas.
KEC International shares surged over 7 per cent on Thursday after the global infrastructure EPC major s secured new orders worth Rs 1,036 crore in Middle East and Americas. Share price of the power transmission company hit its highest in 5-1/2 months since January 2016.
At 12.35 pm, share price of the company was trading 4.78 per cent up at Rs 140.25. The scrip opened at Rs 142.30 and has touched a high and low of Rs 143.95 and Rs 139.30, respectively, in trade so far. Later, the scrip closed 3.18 per cent up at Rs 138.10.
In the transmission and distribution (T&D) segment, the company has secured orders worth Rs 666 crore in Middle East and Americas. It has bagged an order of Rs 582 crore from Abu Dhabi Transmission and Dispatch Company for supply and construction of 400 kV Transmission Line from Barakah Switchyard to Madinat Zayed Grid Substation in Abu Dhabi. Besides, it bagged an order of Rs 48 crore from Saudi Pan Kingdom Company for construction of diversion of Over Head Transmission Line of 380 kV and 110 kV in Saudi Arabia while another order of Rs 36 crore across the Americas for supply of lattice towers, monopoles, substation structures and hardware.
Under Cables Business, it has secured orders of Rs 53 crore for supply of Power Cables (including EHV) and Telecom Cables. Further, in Railways Business, the company has secured a composite order of Rs 317 crore for electrification, civil works, track laying, signaling, construction of road beds and bridges in connection with doubling between Raebareli and Amethi Stations from Rail Vikas Nigam.
The promoters holding in the company stood at 50.86%, while Institutions and Non-Institutions held 33.05% and 16.08% respectively.