BEML Bags Rs 186-Crore Order For Bulldozers From Defence Ministry
Shares of BEML closed 3.2% lower at Rs 4,401 apiece on the National Stock Exchange before the announcement.
BEML Ltd. has bagged an order worth Rs 185.7 crore from the Ministry of Defence for supply of bulldozers, according to an exchange filing on Friday.
The firm had previously received two export orders for heavy-duty bulldozers and motor graders in the CIS region. This was for the sum of $6.23 million, according to a filing posted by the company on July 4.
BEML, under the Ministry of Defence, operates in three verticals — construction and mining, rail and metro, and defence and aerospace.
Shares of BEML closed 3.2% lower at Rs 4,401 apiece on the National Stock Exchange before the announcement, compared to a 0.57% fall in the benchmark Nifty. The share price has fallen 8.75% in the last 12 months but risen 8.18% 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 downside of 0.7%.
