BEML rallied 5.32% to Rs 2,621 after the company announced it has signed two memorandums of understanding (MoUs) to expand its presence in the rail and dredging sectors.
Shares of Siemens added 1.64% to currently trade at Rs 226.85 on the BSE.
The company entered into a non-binding MoU with Siemens India to jointly explore opportunities in the semi-high-speed and suburban passenger train segments, as well as metro and commuter rail markets.
Additionally, BEML signed an MoU with Dragflow S.R.L., Italy, to strengthen indigenous dredging solutions.
BEML is a multi-technology schedule 'A' company under the Ministry of Defense. It operates under three major business verticals: defense & aerospace, mining & construction, and rail & metro. As of 31 December 2024, the Government of India held a 54.03% stake in BEML.
Siemens intelligent infrastructure and buildings, efficient and clean power generation from fossil fuels and oil and gas applications, transmission and distribution of electrical energy, and passenger and freight transportation, including rail vehicles, rail automation, and rail electrification systems.
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