Shares of BEML Ltd surged 10% amid a market crash in early deals today after the PSU announced its earnings for the March 2024 quarter. BEML shares zoomed 9.83% to Rs 3525.45 against the previous close of Rs 3209.80 on BSE. BEML’s market cap rose to Rs 14,576 crore. The stock was the top gainer on BSE today. Earlier, BEML stock opened higher at Rs 3352.85 on BSE. BEML shares have gained 153 per cent in one year and risen 58 per cent in six months. Total 0.19 lakh shares of the firm changed hands amounting to a turnover of Rs 6.31 crore.
The stock hit a 52-week low of Rs 1365 on May 12, 2023 and a 52 week high of Rs 4139.40 on February 2, 2024.
In terms of technicals, the relative strength index (RSI) of BEML stock stands at40.4, signaling it's neither trading in the overbought nor in the oversold zone. The stock has a beta of 0.8, indicating very low volatility in a year. BEML shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The company reported a 62.9 per cent year-on-year rise in consolidated net profit to Rs 256.8 crore in March 2024 quarter led by healthy operating numbers. Revenue from operations rise 9 percent YoY to Rs 1,513.7 crore.
EBITDA rose 29.2 percent to Rs 370.4 crore as margins improved to 24.5 percent from 20.7 percent on YoY basis.
For the last fiscal, BEML's net profit climbed 78.46 percent YoY to Rs 281.77 crore compared to Rs 157.89 crore during the previous fiscal ended March 2023. Firm's sales climbed 3.98 percent year-on-year to Rs 4,054.32 crore compared to Rs 3,898.95 crore in the year-ago period.
The company's board also recommended final dividend of Rs 15.5 per equity share.
BEML is a public sector undertaking under the Ministry of Defence, which serves sectors such as defence, power and infrastructure. The company manufactures a variety of heavy equipment, such as those used for earth moving, railways, transport, and mining.