Bengaluru headquartered Bharat Earth Movers Limited (BEML) share prices gained more than two percent in the morning trading on November 23 as the company landed an order from the Delhi Metro Rail Corporation (DMRC).
According to a regulatory filing, BEML received a variation order to contract ‘MRS1’ from DMRC, for additional 12 trainsets of six cars each (a total 72 coaches) to operate on line 2B and seven of Mumbai metro project. The order is valued at Rs 501 crores.
With the addition of the new contract, the total value of the contract has increased to Rs 4,318 (approx.) crore from the existing 3,817 (approx.) crores. BEML should supply the order before August 2023, the regulatory filing mentioned.
Earlier today at 09:22 hours, BEML was quoting at Rs 663.70 apiece up by 1.27 percent or by Rs 8.30 on the Bombay Stock Exchange. Its shares had touched a 52-week high of Rs 1,080 on January 16, 2020 and a similar week low of Rs 369.60 on March 24, 2020. Currently, it is trading at 38.55 percent below and 79.57 percent above 52-week low respectively.
Deepak Kumar, Chairman and Managing Director of BEML, said that the company expects to see steady growth in the coming years in the mining and construction equipment segment. This is as the government plans to boost the economy through an increase in coal and steel production, high infrastructure projects, development work.
“BEML with its infrastructure, R&D and resources, is fully geared up to meet the present and future demands of mining & construction equipment,” he added.
BEML officials have mentioned that the government has directed companies to accelerate and facilitate capital expenditure, as many work project tenders are expected from Coal India and steel industries.
BEML has achieved indigenisation 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.
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