BEML drops on profit booking

BEML lost 5.89% to Rs 404.50 at 14:25 IST on BSE, with the stock declining on profit booking after sharp recent rally.

Meanwhile, the S&P BSE Sensex was down 122.84 points or 0.55% at 22,504.21

On BSE, so far 1.86 lakh shares were traded in the counter as against average daily volume of 1.28 lakh shares in the past one quarter.

The stock hit a high of Rs 432.10 and a low of Rs 393 so far during the day. The stock had hit a 52-week high of Rs 452 on 11 April 2014. The stock had hit a 52-week low of Rs 126 on 7 August 2013.

The stock had outperformed the market over the past one month till 11 April 2014, rising 81.16% compared with the Sensex's 3.68% rise. The scrip also outperformed the market in past one quarter, gaining 110.69% as against Sensex's 9.01% rise.

The small-cap company has equity capital of Rs 41.64 crore. Face value per share is Rs 10.

Shares of Bharat Earth Movers (BEML) were on a roll recently, surging 31.45% in three trading days to Rs 429.80 on 11 April 2014 from a recent low of Rs 326.95 on 7 April 2014.

BEML reported a net profit of Rs 5.51 crore in Q3 December 2013 as against net loss of Rs 63.34 crore in Q3 December 2012. Net sales rose 15.2% to Rs 772.20 crore in Q3 December 2013 over Q3 December 2012.

State-run BEML is engaged in the manufacture of defence products, mining and construction equipment, rail coaches and metro cars.

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