BEML gains after launching new version of motor grader

BEML rose 2.65% to Rs 642.25 at 14:20 IST on BSE after the company said it launched a new version of motor grader for the construction sector.

The announcement was made during market hours today, 3 September 2014.

Meanwhile, the BSE Sensex was up 143.34 points or 0.57% at 27,172.17.

On BSE, so far 96,879 shares were traded in the counter, compared with an average volume of 1.02 lakh shares in the past one quarter.

The stock hit a high of Rs 656.90 and a low of Rs 632 so far during the day. The stock hit a 52-week high of Rs 877.50 on 25 June 2014. The stock hit a 52-week low of Rs 139.55 on 2 September 2013.

The stock has underperformed the market over the past one month till 2 September 2014, rising 2.25% compared with 6.04% rise in the Sensex. The scrip also underperformed the market in past one quarter, sliding 6.62% as against Sensex's 9.46% rise.

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

BEML said it has indigenously developed and launched BG405A Motor Grader BS III compliant engine with net horse power of 119 horsepower (HP) and is certified by the Automotive Research Association of India (ARAI) for deployment in the infrastructure/construction sector. With the launch of BG405A Motor Grader, BEML is fulfilling the need of construction and infrastructure sector in their endeavours, company added.

BEML reported a net loss of Rs 95.53 crore in Q1 June 2014 compared with net loss of Rs 25.84 crore in Q1 June 2013. Sales fell 15.6% to Rs 498.08 crore in Q1 June 2014 over Q1 June 2013.

BEML is mainly into manufacturing of equipments for Mining & Construction, Defence and Rail & Metro.

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