K E C International Ltd Share Price – NSE  /  BSE

Capital Goods - Electrical Equipment, Small Cap

K E C International has secured new orders of Rs. 1,422 crore for Transmission & Distribution (T&D) projects in India and Americas:

• 765 kV and 400 kV Transmission line orders in India, from Power Grid Corporation of India (PGCIL)

• Supply of Substation structures in the United States of America (USA).

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KEC International will hold a meeting of the Board of Directors of the Company on 26 July 2024.

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The frontline indices traded near the flatline with some positive bias in early afternoon trade. The Nifty traded above the 24,600 level. IT shares extended gains for the second consecutive trading session. Trading could be volatile due to weekly F&O series expiry today.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 85.17 points or 0.11% to 80,801.69. The Nifty 50 index rose 2.60 points or 0.01% to 24,615.60.

The Sensex and Nifty clocked an all-time high of 80,910.45 and 24,678.90, respectively in morning trade.

The broader market underperformed the frontline indices, the S&P BSE Mid-Cap index declined 1.09% and the S&P BSE Small-Cap index fell 0.92%.

The market breadth was weak. On the BSE, 1,255 shares rose and 2,522 shares fell. A total of 137 shares were unchanged.

Economy:

The International Monetary Fund (IMF) upgraded India's economic outlook, raising its growth forecast for the 2024-25 financial year to 7%. This revision is driven by an anticipated improvement in private consumption, especially in rural areas.

The IMF maintained its projection of 6.5% growth for the following year (2025-26). This information comes from their latest World Economic Outlook report.

In April, the IMF had already revised India's growth forecast upwards, from 6.5% to 6.8%. This latest increase reflects continued optimism about the Indian economy.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1% to 14.37. The Nifty 25 July 2024 futures were trading at 24,640, at a premium of 24.4 points as compared with the spot at 24,615.60.

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 54.7 lakh contracts at the 26,000 strike price. Maximum Put OI of 63.9 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty IT index rose 1% to 39,531.70. The index added 1.59% in the two consecutive trading sessions.

Tata Consultancy Services (up 2.14%), LTIMindtree (up 1.9%), Coforge (up 0.91%), Infosys (up 0.48%) and Persistent Systems (up 0.31%), HCL Technologies (up 0.22%), Wipro (up 0.18%), Tech Mahindra (up 0.08%) edged higher.

On the other hand, L&T Technology Services (down 2.28%), Mphasis (down 0.19%) declined.

Stocks in Spotlight :

KEC International rallied 3.20% after the civil construction company bagged new orders worth Rs 1,100 crore in transmission & distribution (T&D) projects in India, Middle East, Australia and Americas.

Adani Green Energy fell 1.17%. The company reported a 22% YoY increase in sale of energy to 7,356 million units in Q1 FY25 as against 6,023 million units posted in Q1 FY24.

Lloyds Metals and Energy added 1.22% after the company reported quarterly iron ore production of 4 million tonnes (MT) for Q1 FY25, which is higher by 5.26% as compared with the production volume of 3.8 MT recorded in Q1 FY24.

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The company's T&D business secured contracts for 765 kV transmission line and 765 kV GIS substation orders in India, from Power Grid Corporation of India; 132 kV transmission line in the United Arab Emirates; supply of towers in Australia and Americas; supply of hardware and poles in Americas.

Vimal Kejriwal, MD & CEO, KEC International said, “We are delighted with the continuous inflow of orders, especially in our T&D business. The 765 kV orders from PGCIL have substantially bolstered our India T&D order book. The consecutive orders in UAE have further solidified our leadership in the Middle East T&D market. We are particularly enthused by the significant tower supply order from Australia, which strengthens our tower supply business by tapping into a sizeable new market. With the above orders, our YTD order intake has exceeded Rs 6,000 crore, a staggering growth of over 80% as against last year.”

KEC International is a global infrastructure engineering, procurement and construction (EPC) major. It has presence in the verticals of Power transmission and distribution, railways, civil, urban infrastructure, solar, Oil & gas pipelines, and cables.

The company’s consolidated net profit zoomed 110.3% to Rs 151.75 crore on 11.6% growth in net sales to Rs 6,164.83 crore in Q4 FY24 over Q4 FY23.

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