Feb 27, 2009

New orders electrify KEC International

26 Feb 2009 | 12:59 New orders electrify KEC International

The company announced the order win during trading hours today, 26 February 2009.

Meanwhile, the BSE Sensex was down 96.71 points, or 1.09%, to 8,805.85.

On BSE, 21,210 shares were traded in the counter. The stock had an average daily volume of 25,085 shares in the past one quarter.

The stock hit a high of Rs 133.80 and a low of Rs 127 so far during the day. The stock hit a 52-week high of Rs 813.90 on 10 March 2008 and a 52-week low of Rs 108.65 on 10 December 2008.

The small-cap stock had underperformed the market over the past one month till 25 February 2009, declining 21.35% as compared to the Sensex's rise of 2.63%. It had also underperformed the market in the past one quarter, rising 0.35% as compared to the Sensex's 2.38% rise.

The company's current equity is Rs 49.34 crore. Face value per share is Rs 10.

The current price of Rs 130 discounts the company's Q3 December 2008 annualized EPS of Rs 20.24, by a PE multiple of 6.22.

The company has bagged two orders worth Rs 227 crore from Power Grid Corporation of India. One of the two orders is valued at Rs 124 crore for supply and construction of 765-kilovolt (KV) transmission line in Madhya Pradesh and Maharashtra. The project is to be executed by February 2011.

Another order is valued at Rs 103 crore secured for supply and construction of 765- KV transmission line in Punjab and Haryana. The project is to be executed by May 2011.

The company had on 18 February 2009 bagged three orders aggregating to Rs 365 crore from three different suppliers for rural electrification and transmission projects.

The company had in December 2008 bagged an export order worth Rs 636 crore from Egyptian Electricity Transmission Company for supply and construction of 500-KV circuit lines. The project is to be executed within 24 months.

KEC International's net profit fell 52.3% to Rs 24.97 crore on 25% increase in net sales to Rs 886.31 crore in Q3 December 2008 over Q3 December 2008.

KEC International, a RPG group company, is one of the largest power transmission engineering, procurement and construction (EPC).