Analyzing KEC Share Impressive Growth: A 63% Gain in 2024 and 50% in a Year
KEC International, a leading global infrastructure engineering, procurement, and construction (EPC) company, has secured fresh orders worth Rs 1,423 crore for the design, supply, and installation of 380 kV transmission lines in Saudi Arabia. This news has sent the company’s shares soaring, with the stock closing 6.15% higher at Rs 989 on Thursday, compared to the previous close of Rs 931.70 on the BSE.
The orders in Saudi Arabia, along with earlier orders in the UAE and Oman, have further reinforced KEC International’s leadership in the Middle East and substantially enhanced its international transmission and distribution (T&D) order book. With these new orders, the company’s year-to-date order intake stands at over Rs 11,300 crores, representing an impressive growth of approximately 75% compared to the same period last year.
KEC International’s market capitalization has also climbed to Rs 25,426 crore, and the stock hit a record high of Rs 1003.05 in the previous session. The civil construction stock has gained 63% in 2024 and risen 50% in a year, with a total of 2.04 lakh shares changing hands, amounting to a turnover of Rs 19.99 crore.
Vimal Kejriwal, MD & CEO of KEC International, expressed his satisfaction with the continuous inflow of orders, particularly in the T&D business. He stated, These orders in Saudi Arabia along with the earlier orders in UAE and Oman have further reinforced our leadership in the Middle East and substantially enhanced our international T&D order book. With these orders, our YTD order intake stands at over Rs 11,300 crores, an impressive growth of ~75% compared to last year.
In July this year, the company secured fresh orders worth Rs 1,100 crore related to transmission & distribution (T&D) projects in India, the Middle East, Australia, and the Americas. KEC International has a presence in various verticals, including power transmission and distribution, railways, civil, urban infrastructure, solar, oil & gas pipelines, and cables. The company is currently executing infrastructure projects in more than 30 countries and has a footprint in over 110 countries, including EPC, supply of towers, and cables.
KEC International’s shares have a beta of 1, indicating high volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 73.1, signaling that it is trading in the overbought zone. The stock is trading higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 200-day, and 100-day moving averages. The stock fell to a 52-week low of Rs 551 on November 8, 2023.
