BEML shares jump over 20%, touch 52-wk-high
SHARES of BEML Ltd on Monday soared as high as over 20 per cent to lock into the upper circuit limit and touch 52-week-high values on exchanges amid reports that multiple firms are looking to buy the government's 26 per cent stake in the firm.
New Delhi: SHARES of BEML Ltd on Monday soared as high as over 20 per cent to lock into the upper circuit limit and touch 52-week-high values on exchanges amid reports that multiple firms are looking to buy the government's 26 per cent stake in the firm.
On the BSE, the scrip surged 20 per cent to its 52-week high value of Rs 1,406.25, also its upper circuit limit. Likewise, on the NSE, the shares jumped 20 per cent to its upper circuit limit and the 52-week-high value of Rs 1,416. As per the latest reports, multiple firms are looking to buy the government's 26 per cent stake in the public sector undertaking.
In January, the government had invited preliminary bids for strategic sale of 26 per cent stake along with transfer of management control in defence PSU BEML.
BEML is involved in sectors like defence, rail, power, mining and infrastructure. The company's total revenue from operations was Rs 3,028.82 crore in fiscal 2019-20. BEML has an order book of Rs 9,795 crore as on March 31, 2020. The government has "in-principle" decided to disinvest 26 per cent stake of BEML through strategic sale with transfer of management control. The government holds 54.03 per cent stake in the company.