BEML shares gain nearly 3% on DMRC pact for Bahrain metro project

BEML will be responsible for manufacturing and supply of Metro rolling stock.

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BEML shares gained nearly 3 percent in the early trade on February 21 after the company signed a contract with Delhi Metro Rail Corporation for Bahrain Metro Rail Project.

At 9:18am, BEML traded at Rs 1,433, up Rs 29.00, or 2.07 percent, on the BSE.

BEML signed the Memorandum of Understanding (MoU) on February 20 with a Delhi Metro Rail Corporation (DMRC)-led special purpose vehicle, which has been shortlisted for the Bahrain Metro Rail Project Phase-1, the company said in a press release.

As part of the pact, BEML will be responsible for manufacturing and supply of metro rolling stock and DMRC will provide expertise in the fields of project development, budgeting and facilitating of contractual obligations.

It will allow BEML to leverage its manufacturing expertise and technology to optimise business operations for urban transportation of metro rolling stock and expand on a global level, the company said.

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The company signed multiple agreements at Aero India 2023 last week with organisations such as Bharat Electronics, Indian Navy, R&DEE – a DRDO (Defence Research and Development Organisation) outfit for the transfer of technology, and Hexagon Technologies.

In the quarter ended December 2022, the company posted a 15.5 percent decline in its Q3 net profit at Rs 66.30 crore as against Rs 78.51 crore in December 2021. Its revenue was down 8.5 percent at Rs 1,036.97 crore in December 2022 from Rs 1,133.09 crore, on-year.