Market Performance
BEML's share price increased by 5% during Friday's trading session after it announced a significant contract win. At 9:50 a.m., the stock traded at ₹3,356 per share on the National Stock Exchange (NSE), marking a 32.65% rise over the past month. However, the stock has experienced a reduction of 12.18% in the last six months and a 21.39% decrease year-to-date.
Contract Announcement
BEML secured a contract worth ₹405 crore from the Bengaluru Metro Rail Corporation. This agreement involves designing, manufacturing, delivering, installing, testing, and commissioning standard gauge metro cars. The contract includes personnel training and comprehensive maintenance for up to 15 years as part of the Bengaluru Metro Rail Project.
Company Developments
The company recently disclosed the contract details through an exchange filing on Thursday. The deal encompasses the entire process from production to long-term maintenance, aligning with the Bengaluru Metro's expansion objectives.
Shareholding Update
Stock exchange data shows that Motilal Oswal Financial Mutual Fund acquired 2.66 lakh shares of BEML through block deals on March 27. The average acquisition price was ₹3,048.3 per share. As of the December quarter, Motilal Oswal held less than a 1% stake in BEML, below the threshold for inclusion in the disclosed shareholding pattern.
Other mutual funds, including Invesco, Kotak Mahindra Bank, HDFC Small Cap Fund, and ICICI Prudential, held stakes in BEML ranging from 1.83% to 6.15% during the same period.
Summary
BEML's share price increased 5% following a ₹405 crore contract award from Bengaluru Metro Rail Corporation. The agreement covers the production and maintenance of metro cars for up to 15 years. Additionally, recent shareholding data revealed Motilal Oswal Financial Mutual Fund's acquisition of a stake in the company through block deals. Despite the recent gains, BEML's share price remains lower over a six-month and year-to-date period.
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