BEML shares gain 2% on $19.71-million export order from Russia

The share touched a 52-week high of Rs 2,208.95 and a 52-week low of Rs 1,129.10 on 24 August, 2023 and 16 March, 2023, respectively.

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Shares of BEML gained 2 percent in early trade on August 28 after the company received an export order from KAMSS Ltd, Russia, for BEML Dozer BD355 worth $19.71 million.

The contract to be executed in different phases starting from August 2023, for which the purchase order has been received.

At 9:22am, BEML was quoting Rs 2,150.05, up Rs 48.00, or 2.28 percent, on the BSE.

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

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

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.

The company in the quarter ended June 2023 narrowed its net losses to Rs 75.01 crore from Rs 82.36 crore a year back.

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 manufacturing of rail coaches and spare parts and mining equipment. Its products are meant for use in diverse sectors of the economy such as coal, mining, steel, limestone, power, irrigation, construction, road building, aviation, defence, metro and railways.

The share touched a 52-week high of Rs 2,208.95 and a 52-week low of Rs 1,129.10 on August 24, 2023 and March 16, 2023, respectively. The stock is now trading 2.67 percent below its 52-week high and 90.42 percent above its 52-week low.