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BEML share rises 8% after govt seeks initial bids for divestment

BEML share opened with a gain of 7.78% today at Rs 1,050, also its intra day high against previous close of Rs 974.25 on BSE

twitter-logoBusinessToday.In | January 4, 2021 | Updated 13:56 IST
BEML share rises 8% after govt seeks initial bids for divestment
BEML share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

BEML share rose nearly 8% today after the Modi government sought expression of interests (EoI) from domestic and foreign players for disinvestment in the PSU firm. The share of manufacturer of variety of heavy equipments opened with a gain of 7.78% today at Rs 1,050, also its intra day high against previous close of Rs 974.25 on BSE.

BEML share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock has gained 5% in three days. The share has gained 3.55% in one year and risen 4.23% since the beginning of this year.

In a month, the stock has climbed 36.56%.

Market cap of the firm rose to Rs 4,218 crore on BSE. At 1:43 pm, the share was trading 4% higher at Rs 1,013 on BSE.

At present, the government holds 54.03 per cent in the company.  It plans to sell 26% stake in  the firm. EoIs for the divestment process can be submitted till March 1.

BEML share rises nearly 4% after govt panel approves divestment of 26% stake

As per closing price on Friday, a 26 per cent sale could fetch about Rs 1,000 crore to the exchequer.Shares of BEML closed at Rs 974.25, on Friday.

BEML is involved in sectors like defence, rail, power, mining and infrastructure.

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"Govt has issued the PIM/EOI for disinvestment of 26 per cent equity share capital of BEML Ltd along with transfer of management control. Disinvestment will be through a two stage competitive bidding process," DIPAM Secretary Tuhin Kanta Pandey tweeted.

SBI Capital Markets has been appointed as the advisor by the government for advising and managing the proposed strategic disinvestment of BEML.

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