KEC International shares gain 5% on winning orders worth Rs 1,079 crore

KEC International

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KEC International share price rose 5 percent in early trade on August 26 following the company’s announcement of securing new orders valued at Rs 1,079 crore in its transmission & distribution (T&D) and cables businesses.

At 09:17 AM, KEC International's stock was trading at Rs 885.70, marking a gain of Rs 45.70 or 5.44 percent on the Bombay Stock Exchange (BSE).

The new orders for the T&D segment include: A 765 kV/400 kV transmission line project from a prominent private developer in India. 230/132 kV transmission line projects in Saudi Arabia and Oman. Upgradation of a 400 kV transmission line in the United Arab Emirates (UAE). Supply of towers, hardware, and poles in the Americas. In addition, the cables business has secured various orders for cable supply both in India and internationally.

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The company had reported a net profit of Rs 87.6 crore for the quarter ending in June, more than doubling from Rs 42 crore a year ago.

Its revenue increased by 6.3 percent on-year to Rs 4,512 crore.

The company also announced plans to raise up to Rs 6,000 crore through a combination of qualified institutional placement (QIP) and the issuance of non-convertible debentures (NCDs).

The company aims to raise Rs 4,500 crore via QIP by issuing equity or other equity-based instruments. Additionally, it will issue non-convertible debentures worth Rs 1,500 crore through private placement in one or more tranches.

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