PSU Stock with Rs 16,342 Crore Order Book Rises Over 3% on First-Ever Overseas Metro Rolling Stock Order
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BEML Ltd makes a historic move into the global market, securing its first-ever overseas metro rolling stock order, driving its shares up over 3 per cent amid positive investor sentiment.
✨ AI Powered Summary
After establishing a strong presence in India’s Defence & Aerospace, Mining & Construction, and Rail & Metro offerings, BEML Ltd (formerly Bharat Earth Movers Ltd) has taken a significant step towards its global expansion.
Following on from its strong domestic presence, the company has now announced that it has received a first overseas order for the supply of metro rolling stock. BEML informed that it has received a Letter of Intent for the design, manufacture, supply, testing, and commissioning of standard gauge metro rolling stock for the African region. The order comprises stainless-steel standard gauge metro rolling stock valued at approximately USD 60 million.
BEML Ltd was established in May 1964 as a Public Sector Undertaking (PSU). The company manufactures a wide range of heavy earthmoving equipment catering to the mining and construction industry, vehicles for defence forces, and coaches for metro systems and Indian Railways.
Impact on the Share Price & its Performance
Following the announcement, BEML’s shares rose by over 3 per cent during afternoon trading, reflecting positive investor sentiment after the order win.
As of 15:07 IST, the share was trading at Rs 1,562.40, gaining Rs 50.40 or 3.33 per cent compared to its previous close of Rs 1,512.00. The share price opened the session at Rs 1,527.30 and moved higher during the day, touching an intra-day high of Rs 1,578.00, while the day’s low stood at Rs 1,519.50.
Despite today’s gains, the stock is down 15.48 per cent year-to-date, though it has delivered a robust 21.50 per cent return over the past year.
Disclaimer: The article is for informational purposes only and not investment advice.