BEML share price target: Elara trimmed its target price to Rs 2,700, valuing the stock at 37 times September FY27 estimated earnings, citing a slight delay in the execution of the Vande Bharat sleeper train order in FY26.
Shares of PSU major BEML are oversold on charts with RSI at 25.9 indicating there are more sellers than buyers for the stock.
Nirmal Bang suggested price targets of Rs 470 for BEL, Rs 1,774 for BDL and Rs 6,151 for HAL. It viewed Mazagon Dock at Rs 3,515, BEML at Rs 2,610, Astra Microwave at Rs 1,234 and Data Patterns at Rs 3,653.
Adjusting for the stock split, BEML shares were trading at Rs 2,187.95 apiece, down 0.55 per cent. BEML said the stock split has been executed in line with DIPAM’s capital restructuring guidelines
BEML operates across three core segments: Defence & Aerospace, Mining & Construction, and Rail & Metro. The stock delivered an 18-year technical breakout in 2023.
An analyst from Choice Broking said that BHEL is trading below its 100-DMA on the daily charts, which raises some caution regarding the strength of the ongoing uptrend.
From a technical standpoint, the counter is trading above the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 58.60. A level below 30 is defined as oversold while a value above 70 is considered overbought.
Earlier, on September 26, BEML signed an agreement with Bharat Forge Limited and Data Patterns (India) Limited to jointly support the Advanced Medium Combat Aircraft (AMCA) programme.
Shares of BEML closed 3.46% lower at Rs 4062.35 on Monday against the previous close of Rs 4208.10. Market cap of the firm stood at Rs 16,917 crore.
An analyst from Anand Rathi said that BEML is witnessing weakness as the stock trades below its 10 and 20 DEMA, signalling cautious sentiment in the near term.
An analyst from Anand Rathi said that BHEL is encountering strong resistance in the Rs 260–265 zone, which coincides with its previous historical top and marks a critical supply area.
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