BEML jumped 12.93% to Rs 1,121.75 at 09:25 IST on BSE after the government approved a 26% stake sale in the state-run company to the strategic buyer/s.
The announcement was made after market hours on Friday, 6 January 2017.Meanwhile, the BSE Sensex was down 2.68 points, or 0.01%, to 26,756.56
On BSE, so far 2.08 lakh shares were traded in the counter, compared with an average volume of 31,971 shares in the past one quarter. The stock hit a high of Rs 1,147.05 and a low of Rs 977.10 so far during the day. The stock hit a 52-week high of Rs 1,247.05 on 11 January 2016. The stock hit a 52-week low of Rs 770.15 on 23 November 2016.
The mid-cap company has an equity capital of Rs 41.64 crore. Face value per share is Rs 10.
BEML said that the Government of India, Ministry of Defence, has communicated 'in-principal' approval of the Cabinet Committee on Economic Affairs (CCEA) of the Government of India, for strategic disinvestment of 26% equity shares in the company out of Government of India shareholding of 54.03%. The shareholding would be sold to the strategic buyer/s to be identified by the Government of India by following due procedure.
BEML reported net loss of Rs 16.60 crore in Q2 September 2016, lower than net loss of Rs 24.62 crore in Q2 September 2015. Net sales dropped 32.98% to Rs 450.79 crore in Q2 September 2016 over Q2 September 2015.
BEML was established in May 1964 as a public sector undertaking for manufacture of rail coaches & spare parts and mining equipment at its Bangalore complex. The Government of India held 54.03% stake BEML (as per the shareholding pattern as on 30 September 2015).
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