BEML Ltd. has secured a contract worth Rs 405 crore from Bengaluru Metro Rail Corp. for building, delivering and launching standard gauge metro cars.
The contract also involves training of personnel and comprehensive maintenance for up to 15 years under the Bengaluru Metro Rail Project, according to an exchange filing on Thursday.
On the sidelines of the Investor Connect event on Wednesday, BEML proposed to establish a manufacturing facility in Chhattisgarh to produce high-performance dump trucks, water sprinklers and motor graders. This will help in addressing the growing needs of the mining and infrastructure sectors.
The public sector undertaking's net profit fell 49% to Rs 24.4 crore in the third quarter of the current financial year, while revenue slipped 16% to Rs 876 crore.
Shares of BEML closed 13.77% higher at Rs 3,140.40 apiece on the National Stock Exchange before the announcement, compared to a 0.45% rise in the benchmark Nifty. The stock has fallen 1.55% in the last 12 months but declined 22.82% on a year-to-date basis.
Four analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 22.7%.
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