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Just in time

Swallow Associates, picked up 996,000 shares at an average price of ₹25.08 a share from the open market

Soumik Kar

The RPG-owned KEC International has hit a 52-week low after the company slipped into the red with a consolidated net loss close to ₹9 crore during the first quarter of the current fiscal. The stock, which had hit a 52-week high of ₹80.70 in October 2012, is currently quoting at ₹25 (August 23). Though the market has been quick to drub the stock, the promoter Harsh Vardhan Goenka, who currently holds 45.39% stake, has used the opportunity to increase his holding, albeit marginally, in the company. Promoter entity, Swallow Associates, picked up 996,000 shares at an average price of ₹25.08 a share from the open market, thus increasing its stake from 26.40% to 26.79%. KEC’s dismal results were largely on account of a one-time expense related to a labour severance package following the closure of the company’s Thane cable plant. Not surprisingly, analysts continue to be bullish on the company since it has managed to show a healthy topline growth of 28% and has a robust order-book of ₹10,056 crore, of which it secured fresh orders of ₹2,185 crore during the first quarter. 

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