BEML gallops on stake-sale buzz

BEML jumped 7.93% to Rs 1,330.85 at 15:25 IST on BSE on reports the government has today, 5 March 2018 given in-principle approval to sell 26% stake in the company.

Meanwhile, the S&P BSE Sensex was down 318.43 points, or 0.94% at 33,728.51. The S&P BSE Mid-Cap index was down 152.92 points, or 0.93% at 16,308.35.

On the BSE, 1.82 lakh shares were traded on the counter so far as against the average daily volumes of 44,000 shares in the past one quarter. The stock had hit a high of Rs 1,418.05 and a low of Rs 1,207.60 so far during the day. The stock had hit a record high of Rs 1,947.45 on 19 September 2017 and a 52-week low of Rs 1,125.75 on 24 May 2017.

 

The mid-cap company has equity capital of Rs 41.64 crore. Face value per share is Rs 10.

BEML's net profit fell 23.23% to Rs 16.69 crore on 1.67% increase in net sales to Rs 731.51 crore in Q3 December 2017 over Q3 December 2016.

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 in BEML (as per the shareholding pattern as on 31 December 2017).

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