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

BEML share rose up to 4% in afternoon trade today after the core group of secretaries on divestment gave its nod to stake sale in the public sector undertaking. The share of manufacturer of variety of heavy equipment gained 3.87%  to Rs 1,014.40  against previous close of Rs 976.60 on BSE.

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

The stock has gained 2.17% in one year and risen 1.07% since the beginning of this year. In a month, the share has climbed 37.42%.

After getting nod from the alternate mechanism (group of ministers), an expression of interest will be issued.

In October 2016, the Cabinet Committee on Economic Affairs had given in-principal approval for strategic disinvestment of 26 per cent equity shares in BEML Ltd.

The Cabinet has already approved the strategic sale of BEML by divesting 26 percent of the government stake. At present, the government holds 54.03 percent in the defence public sector undertaking.

The department of investment and public asset management (DIPAM) is also expected to expedite the process of strategic sale of other public sector undertakings (PSUs) such as India Tourism Development Corporation (ITDC) and Central Electricity Corporation in the near future.