BEML gains on appointing consultant for demerger of non-core assets

BEML rose 0.44% to Rs 1,199.90 after the company said that it has appointed Deloitte Haskins & Sells, as consultant for advising, undertaking and implementing demerger of non-core assets of the company.

The scrip extended gains for second day. The stock has added 1.82% in two sessions.

In the past three months, the stock has added 60.10% while the benchmark Sensex has added 11.75% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 71.702. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (DMA) placed at 987.32, 837.25 and 740.01, respectively.

BEML is a multi-technology schedule 'A' company under the Ministry of Defence. The company operates in three verticals viz. defence & aerospace, mining & construction and rail & metro. As on 31 December 2020, the government held 54.03% stake in BEML.

The company's consolidated net profit surged to Rs 27.67 crore in Q3 FY21 from Rs 4.24 crore in Q3 FY20. Net sales during the quarter rose 5.10% YoY to Rs 728.21 crore.

Powered by Capital Market - Live News