BEML bags metro coach order, stock surges
BEML, a miniratna CPSE, company informed in a press release that it won a new order in Bengaluru in respect of metro cars.
Bharat Earth Mover Limited (BEML) got a new order for 7 metro trainsets of 6 cars configuration to augment the metro services in Bengaluru. The order is valued at Rs. 400 crore. The company has been consistently focusing on metro coach construction. It also had won the order in the same genre from Mumbai Metro Line projects in November of 2018. This contract was worth rupee Rs. 3,015 crore and for manufacturing 378 metro coaches, equivalent to around 63 metro trains.
As of December 21 2018, the company's order book stands at Rs. 9,339. Out of this, the company will execute the order of worth Rs. 1,406 crore in the current year. During the third quarter of FY19, the company executed orders worth Rs. 924 crore. This strong order inflow and execution has helped the company improve its balance sheet and operational performance.
Reacting to the news, the stock touched its intraday high of Rs. 853.10. At 2.52 pm, the stock traded at per share price of Rs. 835.50 on BSE. While the benchmark index BSE Sensex was down by 110 points at 35,863 amid rising tension on the Indo-Pak border.