BEML rises after Equity Intelligence India buys stake

BEML rose 1.62% to Rs 895.10 after Equity Intelligence India purchased 0.64% stake in the company via bulk deal on Thursday (17 December 2020).

On Thursday (17 December 2020), Equity Intelligence India bought 2,65,000 equity shares (representing 0.64% stake) of BEML via bulk deal on the NSE at average price of Rs 847.63.

Equity Intelligence India is the portfolio management firm owned by Kochi-based investor Porinju Veliyath.

Shares of BEML have gained 15.56% in three days from its previous closing low of Rs 774.60 on 15 December 2020.

State-run BEML operates in three verticals viz. defence & aerospace, mining & construction and rail & metro. As of 30 September 2020, the Government of India holds 54.03% stake in BEML.

 

The company posted a consolidated net profit of Rs 17.22 crore in Q2 September 2020 compared with net loss of Rs 27.20 crore in Q2 September 2019.

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