BEML stock rises 16.55 percent on divestment nod by government

 BT Online        Last Updated: January 9, 2017  | 16:10 IST
BEML stock rises 14 percent on divestment nod by government

The BEML stock closed higher today after the firm announced that ministry of defence, has communicated 'in-principal' approval of the Cabinet Committee on Economic Affairs (CCEA) for strategic disinvestment of 26% equity shares in the firm out of government's shareholding of 54.03 percent.

The shareholding would be sold to the strategic buyers to be identified by the government, the firm said.

The announcement was made after market hours on Friday. The stock closed at Rs 993.35 on that day.

On Monday, the stock opened a bit lower at Rs 984.10 on the BSE but subsequently rose to an  intra-day high of Rs 1,188.50 level.

Bengaluru-based BEML operates under three major business verticals - mining and construction, defence and rail and metro.

At 1423 hours, the stock was trading at Rs 1,130.50 or 13.81 percent (137 points) higher on the BSE.

It closed 16.55 percent or 164.40 points higher at Rs 1157.75. It was the top gainer on BSE today.

 

The stock reached a 52-week high of Rs 1,247.20 on January 11, 2016.

The Sensex and Nifty closed marginally lower on Monday.

While Nifty closed 7.75 points or 0.09 percent lower at 8,236 level, Sensex closed 0.12 percent or 32 points lower at 26,726 points.


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