BEML heavy equipment manufacturer secures orders worth USD 19.71 million; stock hits 52 week high!
BEML Limited, a multibagger heavy equipment manufacturer, has recently secured significant orders and reported its latest quarterly results. Here’s a summary of the key points:
- Export Order from Russia: BEML Limited has received an export order from KAMSS Ltd in Russia. The contract is valued at $19.71 million and involves the supply of BEML Dozer BD355. The execution of this order will take place in multiple phases, starting from August 2023. This positive news has driven the stock to a fresh 52-week high.
- Ministry of Defence Contract: In addition to the export order, BEML had previously received a work order from the Ministry of Defence for the supply of Command Post Vehicles. This contract is valued at Rs 101 crores.
- Q1FY24 Quarterly Results: BEML recently released its financial results for the first quarter ending June 30, 2023 (Q1FY24). The results indicated a decline in revenue, with the company reporting revenue of Rs 576.91 crore, marking a 13.79% decrease compared to the previous year. Furthermore, the company reported an operating profit loss of Rs 49.33 crore and a net loss of Rs 75.01 crore during this quarter.
About BEML Limited: BEML Limited is a manufacturer of heavy earthmoving equipment used in the mining and construction industry. It also produces vehicles for defense forces and coaches for the metro and Indian Railways.
Stock Performance: Over the past year, BEML Limited’s shares have delivered impressive returns of over 50%, and over the last three years, the stock has gained about 260% in returns.
Given the recent developments and the company’s historical stock performance, investors may want to closely monitor BEML Limited. However, it’s important to remember that investing in stocks carries inherent risks, and it’s advisable to conduct thorough research, consider your investment goals and risk tolerance, and seek professional financial advice before making investment decisions.
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