BEML shares gain on bagging Rs 330-crore defence ministry orders

The share touched a 52-week high of Rs 3,315.75 and a 52-week low of Rs 1,129.10 on 08 January, 2024 and 16 March, 2023, respectively.

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The share price of BEML gained in the opening trade on January 9 after the company won an order from the defence ministry.

At 9:26am, BEML was quoting Rs 3,196.05, up Rs 23.70, or 0.75 percent, on the BSE.

“The company has bagged orders from Ministry of Defence for supply of mechanical minefield marking equipment Mark-II valued at approximately Rs 329.87 crore,” it said in a release.

Rajesh Palviya of Axis Securities recommended that investors should buy, hold and accumulate this stock with an expected upside of Rs 3,250-3,420, with downside support zone of Rs 2,920-2,700 levels.

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The company’s net profit multiplied manifold to Rs 51.80 crore, in the quarter ended December 2023, while revenue grew nearly 14 percent on-year to Rs 916.80 crore.

The share touched a 52-week high of Rs 3,315.75 and a 52-week low of Rs 1,129.10 on 08 January, 2024 and 16 March, 2023, respectively. Currently, the stock is trading 3.61 percent below its 52-week high and 183.06 percent above its 52-week low.