In a subdued market battered by fresh coronavirus concerns around the globe with Nifty down by over 2 percent at 17,179, the stock of BEML has gained close to 10 percent to day’s high price of Rs. 1777.2. This is also the stock’s 52-week high price. On the previous day, the stock on the NSE settled at a price of Rs. 1619.15 apiece.
Notably, BEML or Bharat Earth Movers Limited is among the PSUs chalked out for the government’s divestment plans. And now as the stake sale plan in the company is taking off, the scrip is in focus for quite some time. Out of its present holding of 54.03% in BEML, the government is looking to sell 26% stake and privatise the infrastructure company.
As per media reports, companies looking to participate in the stake sale plan of BEML are M&M, Tata Motors, Ashok Leyland, Megha Engineering and Bharat Forge.
The scrip of BEML on a YTD basis has gained 80 percent, while its 1-year gain have been at 144 percent as on November 26, 2021.
BEML Ltd is a Public Sector Undertaking engaged in the manufacture of rail coaches and spare parts and mining equipment. The company is a multi-technology company offering high-quality products for diverse sectors of the economy such as coal, mining, steel, limestone, power, irrigation, construction, road building, aviation, defence, metro and railways. The company runs on three main business verticals for associated equipment manufacturing, namely mining & construction, defence and rail & metro
The scrip of BEML last at around 1:25 pm traded higher by 7.61% at Rs. 1742.35.
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Story first published: Friday, November 26, 2021, 13:30 [IST]
Original news source Credit: www.goodreturns.in