BEML gains on deploying last train set for Kolkata Metro (East-West) project

BEML spurted 4.08% to Rs 619.95 after the company said it flagged off the last train set for Kolkata Metro (East-West) project from its Metro coach factory at Bangalore complex.

BEML, a schedule A company under the Ministry of Defence and the manufacturer of metro cars in India, has launched the last train set for Kolkata Metro (East-West) project from its Metro coach factory at Bangalore complex, Karnataka.

BEML secured the contract for 14 train sets (6 cars each), valued at approximately Rs 900 crore from KMRC. Further, 6 train sets are ready for deployment in revenue operation, the company added.

On the technical front, the stock's RSI (relative strength index) stood at 57.905. 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 between its 50-day moving average (DMA) placed at 585.18 and its 200-day moving average (DMA) placed at 804.91.

BEML's consolidated net profit slumped 90.8% to Rs 4.24 crore on a 24.8% decline in net sales to Rs 692.85 crore in Q3 December 2019 over Q3 December 2018.

State-run BEML operates in three verticals viz. defence & aerospace, mining & construction and rail & metro. As on 31 March 2020, the Government of India held 54.03% stake in the company.

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