KEC International shares fall 13% in three sessions despite ₹1,136 crore order win

KEC International shares were trading nearly 9% lower on Wednesday, January 9, even though the company said it won new orders worth ₹1,136 crore across its various businesses.

The company’s transmission and distribution business secured an order from Power Grid Corporation of India for a 765 kV transmission line project in the country.

It’s transportation business also secured an order in the train collision avoidance system (TCAS) segment under ‘Kavach’ in India.

Lastly, its oil and gas pipelines business bagged a design, supply and build order for pipeline and associated works from a leading PSU in India, it said.

With these fresh orders, the company’s year-to-day order intake has reached 20,600 crore, an 80% growth since the previous year, Vimal Kejriwal, the MD & CEO of KEC International, said.

“The 765 kV order from PGCIL for evacuation of green energy has boosted our T&D order book in India. Our Transportation business has strengthened its presence in the growing TCAS segment under ‘Kavach’ to enhance the safety of Indian Railways with world class technology. The Oil & Gas Pipelines business has widened its footprint by securing its first order in the composite space (including design, supply and build),” Kejriwal added.

Last week, the company said it bagged two international orders worth ₹1,097 crores in its Transmission and Distribution (T&D) business. Its first order involved setting up of 400 kilovolt (kV) of transmission lines in the UAE. The second order would require the supply of towers, hardware and poles across the United States, Mexico and Brazil.

KEC International shares are in the red for the third day on Wednesday, January 8. The stock has fallen over 13% in the last three sessions. It was trading 5.95% lower at 1,060.o5 apiece at 12.10 pm on Wednesday. It has gained 73.14% in the past year.

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