BEML slumps after Q1 loss widens

BEML has plunged 12% to Rs 900 on the BSE in intra-day trade after the company posted a net loss of Rs 107 crore for the quarter ended June 30, 2016 (Q1FY17), due to lower operational income. The state-owned commercial vehicles maker had registered a net loss of Rs 68 crore in the same quarter last year.

Total income from operations of the company during the quarter under review halved to Rs 295 crore from Rs 590 crore in the quarter ended June 30, 2015.

The Government of India held 54% stake in BEML, as per the shareholding pattern as on 30 June 2016.

At 12:33 pm, the stock was down 11% at Rs 912 on the BSE, as compared to 0.19% decline in the S&P BSE Sensex. The trading volumes on the counter jumped almost five-fold with a combined 1.72 million shares changed hands on the BSE and NSE so far.


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