KEI Industries in the limelight

KEI Industries, known for its unique product range across the world is one of the leading wire and cable manufacturers in India. The stock is in the limelight today morning, going up over 11% to Rs.440. Its 52-week high stands at Rs.494.80 and UC is at 20% at Rs.475.30.

The market is happy with its news that the 2nd phase of its plant at Alwar, Rajasthan is now operational. This plant makes Medium Voltage (MV) Cables.

And in another news, on 1st March, Chairperson of KEI Industries along with six present and  former directors have settled a GDR manipulation case with SEBI by paying a total settlement charge of Rs.4.6 crore. On September 16, 2005, KEI had issued 2.173 million GDRs, amounting to $10 million. The regulator had initiated adjudication proceedings against the seven directors and sent a notice in June 2017.

The company had ended Q3FY19 with a 22% (YoY) growth in revenue at Rs.1087 crore. EBITDA rose 40% at Rs.118 crore while margins expanded 133 bps to 10.8%. It ended the quarter with a 24% jump in net profit at Rs.48 crore.