BEML and HEC partner to develop mining equipment

Two of India's leading PSUs, BEML Limited and Heavy Engineering Corporation Limited (HEC) signed an MoU to meet the requirements of the mining industry.

The companies will be engaged in the manufacture, supply, building & commissioning and the after -sales-service support of these mining equipment. The joint venture will be delivering products such as rope shovels and walking draglines for the Indian mining sector.

BEML serves India's core sectors like Defence, Rail, Power, Mining and Infrastructure. The company operates under three verticals viz. Defence & Aerospace, Mining & Construction and Rail & Metro. On the other hand, HEC is an integrated engineering enterprise under the Ministry of Heavy Industries to establish steel plant capacities in the country. The company subsequently diversified in the field of Mining, Railways, Defence Nuclear and Space Sectors.

On Tuesday, BEML hit intraday high of Rs. 908 per share and intraday low was Rs. 878 per share on the BSE. Its 52-week high was Rs. 1,947 and 52-week low was Rs. 735 per share on the BSE.

At 11:28 hours, the stock was trading at Rs. 883.75 per share, down by 1.43 per cent despite the news of the MoU. The Nifty50 was quoting 11,284 level, down by 0.31 per cent and BSE Sensex was quoting 37,364.08 level, down by 0.35 per cent.