BEML stock in focus: Shares of BEML soared as much as 3.63 per cent to hit an intraday high of Rs 3986.30 per share.
The rise in the BEML stock came after the company announced that it has inked multiple deals.
In an exchange filing, the company said that it has forged a strategic pact with the Indian Navy to develop advanced Marine applications for Defence.
According to BEML, this landmark agreement is a pivotal step in enhancing bilateral cooperation for the indigenous design, development, manufacture, testing, and product support of critical Marine equipment and systems.
The equipment covered under this Memorandum of Understanding (MoU) will leverage BEML’s inherent strengths in heavy engineering, structural fabrication, hydraulics, diesel engines, manufacturing, testing, and R&D to bolster India’s maritime assets.
“The collaboration between BEML and the Indian Navy is set to significantly enhance indigenous marine engineering capabilities, ensuring that both current and future naval projects are equipped with state-of-the-art, domestically produced technology. This strategic alliance is focused on meeting immediate operational requirements while also fortifying long-term defence infrastructure,” BEML said in a statement.
In a separate filing, the company announced that it has entered into a MoU with Malaysia’s largest rolling stock manufacturer, SMH Rail.
BEML and SMH Rail jointly will focus on marketing, supply, and servicing of rail and metro rolling stock products, with a particular emphasis on markets in Malaysia, Southeast Asia, and Africa.
Under this MoU, BEML and SMH Rail will pool their resources to enhance capabilities in marketing, manufacturing, and maintenance, repair, and overhaul (MRO) services.
The collaboration will also involve the joint design, engineering, manufacturing, and integration of rolling stock, tailored to meet client-specific requirements.
Additionally, both companies will excel in sourcing rolling stock aggregates and subsystems, formulating winning strategies, and exchanging technology on a mutual basis.
BEML manufactures a wide range of heavy earthmoving equipment catering to the mining and construction industry, vehicles for defence forces and coaches for the metro and Indian Railways.
The market capitalisation of BEML is Rs 16,448.12 crore , according to Bombay Stock Exchange (BSE).
At 10:51 AM, shares of BEML were trading 2.81 per cent at Rs 3,954.65 per share. In comparison, BSE Sensex was trading 0.21 per cent higher at 81,078.18 levels.
First Published: Aug 22 2024 | 11:16 AM IST
