KEC International share price rose 5 percent in early trade on august 26 following the company’s statement for obtaining new orders valued at rs 1,709 crore in its transmission & distribution (T&D) and cable businesses.
At 09:17 AM, KEC International’s stock was trading at Rs 885.70, marking a rise of Rs 45.70 or 5.44 percent on the Bombay Stock Exchange (BSE).
The new orders for the T&D segments include: A765kV/400kV transmission line projects in Saudi Arabia and Oman. Upgradation of a 400kV transmission line in the Americas. In addition, the cables business has obtained orders for cable providers both in India and internationally.
The company had announced 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 income rose by 6.3 percent on-year to Rs 4,512 crore.
The company also published plans to increase up to Rs 6,000 crore through a combination of qualified institutional placement (QIP) and the issuance of non-convertible debentures (NCDs).
The company target was to raise Rs 4,500 crore via QIP by issuing equity or other equity-based instruments. Moreover, it will issue non-convertible debentures worth Rs 1,500 crore through private placement in one or more tranches.
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