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BEML stock rises over 3% on export orders worth $23 million

BEML share hit an intraday high of Rs 1,420.95, rising 3.44% against previous close of Rs 1,373 on BSE

twitter-logoBusinessToday.In | March 17, 2021 | Updated 16:40 IST
BEML stock rises over 3% on export orders worth $23 million
BEML share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

BEML share rose over 3% today after the company received export orders from Cameroon and Bangladesh under Government of India-Lines of credit. The mid cap stock hit an intraday high of Rs 1,420.95 rising 3.44% against previous close of Rs 1,373 on BSE.

The share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages. BEML share has gained 178.31% in one year and risen 42% since the beginning of this year.

In a month, the stock has climbed 40.81%. Later, the share closed 0.09% higher at Rs 1,374 on BSE. Market cap of the firm stood at Rs 5,725 crore. The order for Cameroon has been received from Ministry of Economy, Planning & Regional Development (MOEPRD), Government of Cameroon for supply of 71 units of construction equipment consisting of Bulldozers, Excavators, Wheel Loaders, Motor graders and Compactors for their Cassava farm project.

Stock Market Highlights: Sensex ends 562 pts lower at 49,801, Nifty at 14,721; Reliance, SBI, ONGC top losers

The order for Bangladesh has been received from Ministry of Roads & Highways Department, Government of Bangladesh.

The order included supply of construction equipment consisting of Wheel Dozer for their construction, repair and maintenance of road and infrastructure projects in Bangladesh.

Value of these orders is at around $23 million, and will be manufactured at company's KGF and Mysore plants in Karnataka signifying the true spirit of 'Atmanirbhar Bharat' with thrust on going global, the company said.

Meanwhile, benchmark indices ended lower for the fourth consecutive session led losses in oil and gas and PSU stocks amid weak global cues. Sensex closed 562.34 points lower at 49,801, and Nifty ended at 14,721, down 189.15 points.

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