Bharat Earth moves up

DALAL STREET SPIKES

Bharat Earth Movers was up 8.27 per cent to Rs 317.60 after the company announced improved quarterly results. For the quarter ended December 31, 2004, the company posted a 111 per cent rise in net profit to Rs 24.30 crore as against Rs 11.52 crore in the same quarter last year. More than 90 thousand shares of BEML were traded on BSE today.

BEML manufactures a wide range of heavy earthmoving equipment and parts, catering to the core sector of the industry. It also makes defence equipment and railway rolling stocks for Indian Railways.

BEML's defence wing contributes around 40 per cent of the company's total turnover. BEML has entered into a 15 year contract with Rotem of South Korea to make stainless steel metro rail coaches.

Analysts said, a sharp spurt in stock price was because of impressive quarterly results which were above the street expectations.