BEML bags order worth Rs 71 crore; stock off day’s low

BEML Chairman and Managing Director Shantanu Roy said the PSU’s orderbook is robust, so the focus now is on execution and fixing the supply chain issues.

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Shares of BEML recovered from the day’s low of Rs 3,172 on NSE, after the company bagged an order worth Rs 72.71 crore from Eastern Coalfields Limited for BH100 Rear dumper.

At 2:11 pm, the stock was trading at Rs 3,215.55 on the National Stock Exchange (NSE), down 0.6 percent from the previous close.

So far in the day, a total of three lakh BEML shares changed hands on the BSE and NSE combined. This is lower compared to the 1-week and 1-month average trading volume of eight lakh equity shares.

Earlier this week on February 27, the stock had jumped nearly 10 percent, as according to technical analysts, the counter looked ‘bullish’ on daily charts. Since then, the stock has corrected around five percent. In the previous session, BEML share price fell over five percent and the stock extended losses on the second consecutive day.

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The BEML stock has delivered multibagger returns in the last one year as it gained over 160 percent. In comparison, the Nifty has risen nearly 26 percent during this period. The counter has gained 12 percent so far in 2024.

For the quarter ended December 2023, BEML reported a 27 percent on-year decline in consolidated profit at Rs 48 crore. Meanwhile, consolidated revenue from operations rose just one percent YoY to Rs 1,047 crore.

The state-owned heavy equipment maker is confident of achieving its target 20 percent revenue growth in FY24 despite supply chain challenges.

Also Read: Bondada Engineering shares up 3% on winning order worth Rs 81 crore from NLC India

BEML Chairman and Managing Director Shantanu Roy said the PSU’s orderbook is robust, so the focus now is on execution and fixing the supply chain issues.

Out of the Rs 6,600 crore worth of orders received this year, about 58 percent are for rail metros, 25 percent for defence, and 17 percent for mining. The total order book currently stands at around Rs 12,300 crore.

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