Tuesday, 02 January 2024 12:17 GMT

KEC International Shares Surge 8% On International Order Wins


(MENAFN- AsiaNet News)

Shares of KEC International surged nearly 8% in early trade on Tuesday to ₹935 after it bagged international orders related to the power sector.

The global infrastructure EPC firm received new transmission & distribution orders worth ₹3,243 crore. The contracts include 400 kV transmission line projects in the United Arab Emirates (UAE) and the supply of towers, hardware, and poles in the Americas.

“We are delighted with the new order wins in our T & D business, especially our largest ever EPC order till date. This order has further strengthened our presence in the Middle East and substantially expanded our international T & D order book,” said Vimal Kejriwal, MD & CEO, KEC International.

“The Middle East region continues to be a strategic growth driver for us, as reflected in this order and those secured earlier this year. With the above orders, our YTD order intake stands at ₹11,700 crore.”

KEC Technical Take

The weekly chart shows that the trend remains sideways, with the relative strength index (RSI) just above 50, signaling a lack of clear momentum, noted SEBI-registered analyst Sunil Kotak.

A breakout above the ₹890 - ₹895 supply zone could trigger a strong upward move. On the downside, the analyst sees the ₹850 - ₹860 range as a firm support level.

Stock Watch

At the time of writing, KEC was the second-highest trending stock on Stocktwits, even if retail sentiment remained 'neutral'. It was 'bearish' a month back.

The stock has been under heavy selling pressure in 2025, declining over 23%.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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