BEML share gains 3% after firm wins Rs 501 cr order from DMRC

BEML share rose nearly 3% today after the firm received an order from Delhi Metro Rail Corporation (DMRC). Share of BEML rose to 2.81% to Rs 674 on BSE.

Market cap of the firm rose to Rs 2,776 crore.

The stock has been gained 9.34% in six days. BEML share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 29% in one year and gained 32% since the beginning of this year. The Bengaluru-headquartered BEML has bagged a order from Delhi Metro Rail Corporation(DMRC), according to a regulatory filing.

"BEML has received variation order to contract'MRS1' from DMRC, for additional 12 trainsets of 06 cars each (total 72 cars) to operate on line 2B and 7 of Mumbai metro project. The order is valued at ?501 crores (approx) .

With this, the total contract value has increased to  Rs 4,318 crore (approx) from the existing  Rs 3,817 crore (approx). BEML should supply the order before August 2023," it said in a regulatory filing on Sunday.

Chairman and Managing Director of BEML, Deepak Kumar Hota said," With the government''s plans to increase coal and steel production, huge infrastructure development work and goal to boost the conomy; BEML expects continuous growth in mining & construction equipment vertical in the coming years post COVID-19 pandemic."

Meanwhile, after touching lifetime highs in early trade, Sensex was trading 90 points higher at 43,974 and Nifty gained 33 points to 12,893.

Sensex hit a lifetime high of 44,217 and Nifty touched all-time high of 12,962 during the day.

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