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BEML share rises 5% as firm receives orders from defence ministry

BEML stock touched an intraday high of Rs 1,040, rising 4.77% against previous close of Rs 992.65 on BSE

twitter-logoBusinessToday.In | January 6, 2021 | Updated 14:25 IST
BEML share rises 5% as firm receives orders from defence ministry
BEML share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

BEML share rose 5% percent in early trade today after the company received an order from Ministry of Defence. BEML stock touched an intraday high of Rs 1,040, rising 4.77% against previous close of Rs 992.65 on BSE.

BEML share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In one year, the share has gained 4.85% and gained 3.68% since the beginning of this year.

In a month, the share has gained 35.84%. Market cap of the firm rose to Rs 4,175 crore. The order is for the supply of high mobility vehicles at an approximate value of Rs 758 crore.

The equipment will be manufactured at BEML's Palakkad plant in Kerala and the PSU will supply the vehicles to Indian Army in one year.

These High Mobility vehicles would play a key role in the logistics management of the Indian Army leveraging on its exceptional cross country capabilities. These vehicles would enable armoured fighting vehicles, troops, ammunitions and stores to be moved to far-flung, difficult terrains in operational areas.

The share hit 52-week high of Rs 1,080 and 52-week low Rs 369.60 on January, 16 2020 and March, 24, 2020, respectively.

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Meanwhile, Modi government has sought expression of interests (EoI) from domestic and foreign players for disinvestment in the PSU firm. 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.

As per closing price on Friday (January 1), 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.

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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