KEC International Shares Rally 5% on Securing Rs 1,476 Crore Orders

Shares of KEC International Ltd rose more than 5% in early trading on Thursday, 12 March, after the company revealed the receipt of orders from Saudi Arabia, the United States, and Africa, despite the US-Iran war in the Middle East. 

KEC International has received fresh orders worth Rs 1,476 crore for Transmission and Distribution projects in India, the Middle East, Africa, and the Americas.

Earlier, on 11 March, the RPG Group said in a regulatory filing that it had obtained composite orders for 380 kV transmission lines, substations, and EHV cabling in Saudi Arabia. The business also won a 132 kV transmission line project in Africa.

In addition, KEC International got orders to supply towers in India and the Americas, as well as hardware and poles in the Americas.

“We are pleased with the new order wins in our T&D business across multiple geographies. The award of our largest composite order in Saudi Arabia despite the current geopolitical situation is a positive indicator of continuing investments in the Middle East T&D market. The order in Africa reflects a gradual recovery in the T&D market in that region,” said Vimal Kejriwal, MD & CEO, KEC International.

These wins have significantly strengthened our international T&D order book, he continued. The company has received orders worth Rs 22,800 crore so far this year.

However, the shares of KEC International succumbed to selling pressure as the broader Indian stock market fell sharply today, and were trading 0.19% higher at Rs 548.80 on NSE. 

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