Just in time

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 Rs 9 crore during the first quarter of the current fiscal. The stock, which had hit a 52-week high of Rs 80.70 in October 2012, is currently quoting at Rs 25 (August 23). Though the market has been quick to drub the stock, the promoter Harsh 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 Rs 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 Rs 10,056 crore, of which it secured fresh orders of Rs 2,185 crore during the first quarter.