The shares of defence equipment manufacturer BEML gained 4 percent to Rs 1,639.90 apiece on Wednesday’s session. The stock price increased in response to orders secured by the firm,
As per the exchange filing. The company received orders for High Mobility Vehicles from Bharat Electronics Limited (BEL) and Bharat Dynamics Ltd (BDL). The contract’s total value is Rs 385 crore.
On June 23, BEML received a Rs 423.11 crore contract from the Ministry of Defence (MOD) for the delivery of high-mobility vehicles for the defence sector.
It is a small-cap stock with a market capitalization of Rs 6,742, At 2:10 pm, the stock quoted Rs 1,619, up 2.88 percent on NSE.
Bharat Earth Movers Limited(BEML) is engaged in the manufacturing of a wide range of heavy earthmoving equipment for the mining and construction industry, and defence industry and provides coaches for the metro and Indian Railways.
The Company also obtained a letter of approval from Indian Railways in the first quarter of FY23 for the design, production, and commissioning of 10 Vande Bharath coaches at Rs 675 crores.
The stock has risen 27.62 percent in the last year, from Rs 1,267 to the present price, and 30 percent in the previous three months.
As per financials, Operating revenue climbed 34 percent from Rs 1,036 crore in Q3 to Rs 1,387 crore in Q4. Similarly, net profit grew by 138 percent, rising from Rs 66 crore to Rs 157 crore.
Revenue fell by 10 percent year on year, from Rs 4,337 crore in FY 21-22 to Rs 3,898 crore in FY 22-23. Net profit climbed by 23 percent within the same period, from Rs 128 crore to Rs 157 crore.
As per the shareholding pattern, promoters own 54.03 percent of the firm, while foreign institutional investors (FIIs) own 5.44 percent and domestic institutional investors (DIIs) own 19.72 percent.
Written by Omkar C
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