Why This HDFC, DSP Fund-Backed Midcap Stock Is Rocketing 12% Today

Shares of KEC International jumped back in the green on Wednesday after closing over 2.5% lower on Tuesday.

What Happened: The surge today comes as the company late on Tuesday announced bagging orders worth ₹1,012 crore across its various businesses.

The RPG Group company’s civil business has secured orders from new clients in the data centre and FMCG segments in India. The construction company will be building a data centre in Western India and setting up a manufacturing facility for a global fast-moving consumer goods major in southern India.

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The transmission & distribution business has received orders in India and the Americas. One of the orders is from an existing private client for a 765 kilovolts transmission line order in India. The other order is for the supply of towers, hardware and poles in the Americas.

The company’s cable business has orders to supply various types of cables in India and overseas. HDFC Mid-Cap Opportunities Fund owns a 9.15% stake in the company, while DSP Tax Saver Fund holds a 3.52% stake.

Price Action: KEC International’s share price jumped up over 12% to hit a new 52-week high of ₹745.70 at market open on Wednesday.

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