BEML slips after clocking 52-week high amid weak market sentiments

The stock has been buzzing lately on account of Government plans of divestment of 26 per cent stake and privatize the infrastructure company.

As markets picked some of its lost glory on Monday, following the freefall on Friday, BEML emerged as the biggest gainer in the “A” listers. BEML soared 14.08 per cent to Rs 1924.50 with a margin of 1.2 per cent away from its all-time high of Rs 1947.45. The stock has rallied 170.68 per cent from its 52-week low of Rs 711 recorded on December 2, 2020. 

Shares of BEML have surged nearly 20 per cent in three trading sessions from its previous closing low of Rs 1557.65 on November 24, 2021. The stock hit a 52-week high of Rs 1,924.50 intraday today. It has zoomed 166.2 per cent from its 52-week low of Rs 702 recorded on December 2, 2020. 

BEML Limited (formerly Bharat Earth Movers) was established in May 1964 as a Public Sector Undertaking for the manufacture of Rail Coaches & Spare Parts and Mining Equipment at its Bangalore Complex. The company operates under three major Business verticals viz., Mining & Construction, Defence and Rail & Metro. The three verticals are serviced by nine manufacturing units located at Bangalore, Kolar Gold Fields (KGF), Mysore, Palakkad and Subsidiary - Vignyan Industries, in Chikmagalur District. 

The company has given a good quarter with a 50.73 per cent increase in net sales on a YoY basis but witnessed a fall in EBITDA and PAT margins by 29.41 per cent and 38.10 per cent at Rs 29.61 crore and Rs 10.66 crore respectively. 

The stock has been buzzing lately on account of Government plans of divestment of 26 per cent stake and privatize the infrastructure company. 

The stock is trading at Rs 1818.40 shedding 3.02 per cent on account of profit booking at 11.37 am on Tuesday.