BEML jumps on value buying

BEML rose 5.01% to Rs 1793.25 on bargain hunting after a recent selloff.

Shares of BEML slumped 12.45% in the past four trading sessions.

On a year-to-date (YTD) basis, the stock has zoomed 109.98% while the benchmark Sensex has added 23.61% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 46.81. 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 below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1858.76, 1917.76 and 1790.83, respectively.

BEML is a multi-technology schedule 'A' company under the Ministry of Defence. It has its operation under three business verticals viz. defence & aerospace, mining & construction and rail & metro. As on 30 September 2021, the Government of India held 54.03% stake in BEML.

On a consolidated basis, the company reported a 38.1% fall in net profit to Rs 10.66 crore on 50.7% increase in net sales to Rs 1,000.42 crore in Q2 FY22 over Q2 FY21.

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