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

KEC International’s share price jumped 8% in early trades on August 21 after the company placed orders worth Rs 1,007 crore in various business sectors. At 9:36 am, the stock was trading at Rs 655.50, up almost 5% from the previous closing price, on the BSE.
The company’s civil operations won an order to design, engineer, procure and build a general hospital in India. The company’s transmission and distribution (T&D) business has won an order for a 380 kV overhead transmission line project in the Middle East. And its cable business has secured orders to supply various cables in India and abroad. In early August, KEC International won new orders worth Rs 1,065 crores from various businesses. Brokerage firm Geojit has reiterated its ‘Cumulative’ rating on the stock, in its August 16 report with a target price of Rs 703 .
In the quarter ended June 24, the company recorded a 36.5% increase in consolidated profit to Rs 42.33 billion, while revenue increased by 27.9% to Rs 4,243.59 billion compared to Rs 4,243.59 billion. T1FY23.