BEML Shares Rise On Rs 405-Crore Order Win From Bengaluru Metro Rail Corp
The shares of BEML rose as much as 7.24% to Rs 3,367.90 apiece, the highest level since Feb. 6.
The shares of BEML Ltd. rose on Friday after it won an order worth Rs 405 crore from Bengaluru Metro Rail Corp. The order also includes maintenance of metro cars for up to 15 years.
The Bengaluru Metro Rail Corp. has placed an order for design, manufacturing, supply, installation, testing and commissioning of Standard Gauge Metro Cars and training of Personnel.
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.
BEML Share Price Rises
The shares of BEML rose as much as 7.24% to Rs 3,367.90 apiece, the highest level since Feb. 6. It pared gains to trade 5.68% higher at Rs 3,318.65 apiece, as of 10:10 a.m. This compares to a 0.29% decline in the NSE Nifty 50 Index.
It has risen 4.24% in the last 12 months and fallen 19.46% year-to-date. Total traded volume so far in the day stood at 8.4 times its 30-day average. The relative strength index was at 69.
All four analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 15.6%.
