BEML shares hit record high on receiving Rs 3,177-crore order

Shares of BEML Ltd hit a record high today after the firm won   Rs 3177 crore order from Bangalore Metro Rail Corporation (BMRC) . The order relates to the supply of rolling stock contract 5RS-DM. BEML shares rose 6.47% to a record high of Rs 2132 against the previous close of Rs 2002.40 on BSE. The stock has gained 67.74% in one year and risen 35% since the beginning of this year. Market cap of the firm rose to Rs 8548 crore. 

Total 0.31 lakh shares of the firm changed hands amounting to a turnover of Rs 6.51 crore on BSE. In terms of technicals, the relative strength index (RSI) of the stock stands at 74, signaling it's trading in the overbought zone. BEML shares have a beta of 0.6, indicating very low volatility in a year. BEML shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In May this year, BEML emerged as the lowest bidder to supply 318 coaches for Bengaluru Metro's Phase 2, Phase 2A, and Phase 2B corridors.

Bangalore Metro Rail Corporation opened the financial bids on May 18. BEML submitted the lowest bid of Rs 9.9 crore per coach, followed by Alstom (Rs 12.02 crore per coach), Titagarh Wagons Ltd (Rs 14.74 crore per coach), and Spain-based Construcciones y Auxiliar de Ferrocarriles (Rs 14.96 crore per coach).

BEML is a public sector enterprise and is under the administrative control of the department of defence production, Ministry of Defence. BEML manufactures and supplies defence ground support equipment such as Tatra based high mobility trucks, aircraft towing tractors etc.  

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