The Bharat Earth Movers Limited which is also known as BEML in short, the share prices increased more than two percent in the morning today. A reason for such a rise is the company bagged an order from the Delhi Metro Rail Corporation (DMRC).
It is reported that BEML has received a variation order to contract ‘MRS1’ from DMRC, for additional 12 trainsets of six cars each, that is a total of 72 coaches, to operate on line 2B and seven of the Mumbai metro project. The order value is said to be Rs 501 crores.
The total value of the contract has inflated to Rs 4,318 (approx.) crore from the existing 3,817 (approx.) crores, thanks to the addition of the new contract. The timeline for completion is suspected to be before August 2023 for BEML.
Today, at the start of the market, BEML was cited at Rs 663.70 per share and then shot up by 1.27 percent, meaning Rs 8.30 per share on the Bombay Stock Exchange. The records show that the shares of BEML had touched a 52-week high of Rs 1,080 on January 16, 2020, and a week low of Rs 369.60 on March 24, 2020. At present, it is trading at 38.55 percent below and 79.57 percent above the 52-week low respectively.
BEML is expected to see sure-footed growth in the years to come in the field of mining and construction equipment. This is based on the plans of the government to boost the economy through an increase in coal and steel production, high infrastructure projects, development work. The company with its infrastructure, R&D, and resources is all enthusiastic and decked up to meet the demands of mining and construction equipment in present as well as in the future, as quoted by officials of BEML.
The officials further added that the government has asked the companies to brisk up and aid capital expenditure, as expected tenders are lined up from Coal India and steel industries.
BEML records indigenization levels of above 90 percent in their mainline mining and construction products, rail coaches, and over 80 percent in mobility vehicles, and 65 percent in Metro rail cars.
We wish the company the very best for achieving the targets they have laid their eyes on.