Shares of BEML rebounded from the day’s low of Rs 3,172 on the National Stock Exchange (NSE) following the company’s acquisition of an order valued at Rs 72.71 crore from Eastern Coalfields Limited for BH100 Rear dumper.
At 2:11 pm, the stock was trading at Rs 3,215.55 on the NSE, marking a 0.6 percent decline from the previous close.
Throughout the day, a total of three lakh BEML shares were traded on both the Bombay Stock Exchange (BSE) and NSE combined, a lower figure compared to the 1-week and 1-month average trading volume of eight lakh equity shares.
Earlier in the week, on February 27, the stock surged nearly 10 percent, with technical analysts identifying bullish trends on daily charts. However, since then, the stock has corrected by approximately five percent. In the preceding session, BEML share prices witnessed a decline of over five percent, extending losses for the second consecutive day. Despite this recent correction, BEML has delivered significant returns over the past year, with gains exceeding 160 percent, surpassing the Nifty’s growth of nearly 26 percent during the same period. Year-to-date, the stock has gained 12 percent in 2024.
For the quarter ended December 2023, BEML reported a 27 percent year-on-year decline in consolidated profit, amounting to Rs 48 crore. On the other hand, consolidated revenue from operations witnessed a modest one percent year-on-year increase, reaching Rs 1,047 crore.
Despite challenges in the supply chain, the state-owned heavy equipment maker remains optimistic about achieving its target of 20 percent revenue growth in FY24.
BEML’s Chairman and Managing Director, Shantanu Roy, expressed confidence in the company’s robust order book and emphasized the focus on execution and resolving supply chain issues.
Of the Rs 6,600 crore worth of orders received this year, approximately 58 percent are for rail metros, 25 percent for defence, and 17 percent for mining. The total order book currently stands at around Rs 12,300 crore.
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