BEML shares jump 5%, hit 52-week high on winning Rs 101 crore defence order
BEML jumped nearly 5% and hit a new 52-week high of Rs 2,184 in Wednesday's trade on BSE after the company bagged an order worth Rs 101 crore from the Ministry of Defence.
«We hereby inform that BEML Limited has bagged an order from the Ministry of Defence (Army) for the supply of Command Post Vehicles with a contract value of Rs 101 crores approximately,» the company said in an exchange filing on Tuesday.
Earlier on August 7, BEML also secured the Letter of Acceptance from Bangalore Metro Rail Corporation (BMRC) for the supply of Rolling stock contract 5RS-DM valued at approximately Rs 3,177 crores.
At 10.14 am, the stock was trading 3% higher at Rs 2,142 on BSE. On a year-to-date basis, the stock has surged over 40%, while it has risen nearly 60% in the past six months.
In Q1 FY24, the company's net loss narrowed to Rs 75 crore from Rs 82 crore in the same quarter last fiscal.
Its consolidated revenue from operations, however, fell 14% YoY to Rs 577 crore in Q1 FY24.
As per Trendlyne data, the target price of BEML is Rs 1,829, which indicates a downside of 14% from the current market prices. The consensus recommendation from 2 analysts for the stock is a 'Buy'.
Technically, the stock's day RSI (14) is at 69.5.
The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 95.8, which is above its center and signal Line, this is a bullish indicator.
According to the latest shareholding pattern available with the exchanges, 54.03% of the company's shareholding is with the government of India, followed by mutual funds and resident individuals, among others.
BEML is a public sector undertaking for the manufacture of rail coaches and spare parts and mining equipment.
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