BEML rallies 4% to 52-week high on winning Rs 101-crore defence order

In the quarter ended June 2023 the company’s net loss narrowed to Rs 75.01 crore from Rs 82.36 crore in the same quarter last fiscal.

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Shares of BEML rallied 4 percent to hit the 52-week high of Rs 2,169 in early trade on August 23 as the company bagged an order worth Rs 101 crore.

In an August 22 statement, the company said that it had bagged order from Ministry of Defence (Army) for supply of Command Post Vehicles with contract value of Rs 101 crore approximately.

On August 7, it had received a rolling stock order worth Rs 3,177 crore from Bangalore Rail Corporation Limited.

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In May 2023, BEML emerged as the lowest bidder to supply 318 coaches for Bengaluru Metro’s Phase 2, Phase 2A, and Phase 2B corridors.

In the quarter ended June 2023 the company’s net loss narrowed to Rs 75.01 crore from Rs 82.36 crore in the same quarter last fiscal.

Also Read – BEML’s defence revenue may touch Rs 5,000 crore in five years, says Chairman

BEML is a public sector undertaking for the manufacture of rail coaches and spare parts and mining equipment.

The company is a multi-technology company offering high-quality products for diverse sectors of the economy such as coal, mining, steel, limestone, power, irrigation, construction, road building, aviation, defence, metro and railways.

At 9:19am, BEML was quoting at Rs 2,168, up Rs 82.05, or 3.93 percent on the BSE.