BEML hits three-month high; stock up 21% in one month

The stock surged 8% to Rs 848 on report that the company has pitched for indigenisation of at least six rakes of bullet train coaches in collaboration with its Japanese partner Hitachi.

Shares of BEML surged 8% to Rs 848 on the BSE on Monday, extending its past one month rally, after the company bagged contract worth of Rs 30.15 billion from the Mumbai Metropolitan Region Development Authority (MMRDA) to supply rolling stock on Metro corridors 2A, 2B and 7. The stock was trading at its highest level since September 4, 2018.

“The scope of work includes design, manufacture, supply, testing & commissioning of 378 metro coaches, supply of spares and training of personnel. As per the contractual timelines, train deliveries are scheduled to commence from July 2020 until September 2022,”