BEML hits two-month high; stock up over 20% in one month

BEML hit two-month high of Rs 959, up 3.7%, extending its Wednesday’s 2% gain on the National Stock Exchange (NSE) in otherwise weak market. The stock is trading at its highest level since October 17, 2016.

In past one-month, the state-owned company has outperformed the market by surging 22% against 0.24% rise in the Nifty 50 index.

BEML on Wednesday in investor presentation said that it has orders worth Rs 7,261 crore as on November 30, 2016, against Rs 6,314 crore at the end of March 31, 2016.

BEML is the leading manufacturer of heavy earth moving equipment in Asia and an Indian Public Sector Company under the Ministry of Defence, Government of India. The company is engaged in the manufacturing of rail coaches and spare parts, and mining equipment at their Bangalore Complex.

DK Hota, Chairman of BEML while speaking to CNBC-TV18 said the company eying orders worth Rs 5,000 crore next year.

At 02:40 pm; the stock was up 3.5% at Rs 957 on the NSE against 0.93% decline in the benchmark index. The trading volumes on the counter more than doubled with a combined 1.13 million shares changed hands on the NSE and BSE.

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