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BEML advances after signing partnership with Lockheed Martin

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BEML rose 3.27% to Rs 812 at 09:55 IST on BSE after the company signed a certificate of partnership with Lockheed Martin Aeronautics Company to explore global & domestic opportunities.

The announcement was made after market hours yesterday, 21 February 2019.

Meanwhile, the S&P BSE Sensex was up down 78.68 points, or 0.22% at 35,819.67

On the BSE, 55,000 shares were traded on the counter so far as against the average daily volumes of 74,000 shares in the past two weeks. The stock had hit a high of Rs 815 and a low of Rs 795 so far during the day.

BEML signed a Certificate of Partnership with US-based Lockheed Martin Aeronautics Company. This step opens up avenues for collaboration between the two companies to explore manufacturing of support equipment opportunities in aerospace.

The Aerospace Division of BEML in Mysuru and the upcoming aerospace facility at SEZ near Bengaluru is to take advantage of the domestic and global opportunities in the ever-expanding aerospace market and benefit from the Offset policy laid down for defence procurement by Government of India.

BEML's net profit rose 167.83% to Rs 44.70 crore on 26.29% increase in net sales to Rs 923.85 crore in Q3 December 2018 over Q3 December 2017.

BEML, under the Ministry of Defence, plays a pivotal role in serving India's core sectors like Defence, Rail, Power, Mining and Infrastructure. BEML operates in three verticals viz. Defence & Aerospace, Mining & Construction and Rail & Metro and has manufacturing facilities located at Bangalore, Kolar Gold Fields (KGF), Mysore and Palakkad.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 22 2019. 09:57 IST