BEML shares hit record high in early trade, almost touch Rs 3,000 mark

Shares of BEML Ltd hit a record high today after the defence ministry inked a contract for procurement of 56 Mechanical Minefield Marking Equipment (MMME) Mark II at a cost of Rs 329 crore with the PSU firm. BEML shares touched a fresh high of Rs 2999 against the previous close of Rs 2888.60 on BSE. BEML’s market cap rose to Rs 12,372 crore. Earlier, BEML stock opened higher at Rs 2946 on BSE. BEML shares have gained 100 per cent in one year and risen 87 per cent in six months. Total 0.16 lakh shares of the firm changed hands amounting to a turnover of Rs 4.74 crore.

The stock hit a 52-week low of Rs 1129.10 on March 16, 2023

In terms of technicals, the relative strength index (RSI) of BEML stock stands at 67.6, signaling it's neither trading in the overbought nor in the oversold zone. The stock has a beta of 0.1, 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.

MMME will be produced with equipment and sub-system sourced from indigenous manufacturers, giving a boost to the indigenous manufacturing and participation of the private sector in defence production, the defence ministry said in a statement.

MMME is designed to operate cross country with complete load of stores and carry out marking of minefields with minimal time and manpower employment, according to the defence ministry.

The equipment is built on the base of in-service High Mobility Vehicle having advanced mechanical and electrical systems. This will help in reducing the timings for minefield marking during operations, and will increase the operational capability of Indian Army.

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