This Government-Backed Stock Climbs To Record High On Defence Contract Win

Bharat Earth Movers Limited (BEML) shares surged over 2.5% surge to a record high on Wednesday after the the company won a large defence contract.

What Happened: The public sector company secured an order from India’s ministry of defence (army) for the supply of command post vehicles, with a contract value of about ₹101 crore.

This victory follows closely on the heels of BEML’s acquisition of a rolling stock order valued at ₹3,177 crore from the Bangalore Rail Corporation Limited earlier this month.

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BEML specializes in the manufacturing of rail coaches, spare parts, and mining equipment. As a multi-technology company, BEML provides products across diverse sectors of the economy, including coal, mining, steel, limestone, power, irrigation, construction, road building, aviation, defence, metro, and railways.

Price Action: BEML share price was up 2.64% at ₹2,137.25 in early morning trade on Wednesday.

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Posted In: EquitiesWIIMMarketsBEML