BEML Bags Order Worth Rs 282 Crore From Ministry Of Defence

BEML Ltd. has received an order to supply high mobility vehicles valued at Rs 282 crore to the Ministry Of Defence, according to an exchange filing.

"We hereby inform that BEML Limited has bagged an order from the Ministry of Defence for supply of HMV 8X8 with contract value of Rs. 282 crores approximately," the filing stated.

The company had received an order worth Rs 293.8 crore last week for supply of high mobility vehicles with a 6x6 configuration. The HMV 6x6 is an all-terrain transport vehicle designed for personnel movement and was intended for general service roles in the Indian Army.

Shares of BEML closed 3.64% higher at Rs 3,987.35 apiece on the BSE before the announcement, compared to a 0.52% advance in the benchmark Sensex. The share price has fallen 2.07% in the last 12 months and 10.24% on a year-to-date basis.

Out of the four analysts tracking the company, three have a 'buy' rating on the stock and one recommends 'hold', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 9.7%.