Shares of BEML Ltd are in focus on Thursday after the firm said it has inked a Memorandum of Understanding (MoU) with today with the Directorate of Marine Engineering, Indian Navy.
Additionally, Malaysia’s SMH Rail Sdn Bhd and BEML have signed a Memorandum of Understanding (MoU). The collaboration aims to expand the reach of both companies across Malaysia, Southeast Asia, and Africa, focusing on the marketing, supply, and servicing of rail and metro products.
BEML shares ended 2.15% higher at Rs 3846.45 on Wednesday against the previous close of Rs 3765.50 on BSE. BEML’s market cap climbed to Rs 16,018 crore. Earlier, BEML stock opened higher at Rs 3803.15 on BSE. BEML shares have gained 86 per cent in one year and risen 152.58 per cent in two years. Total 0.27 lakh shares of the firm changed hands amounting to a turnover of Rs 10.54 crore.
The stock hit a 52-week low of Rs 1904.50 on October 26, 2023 and a 52 week high of Rs 5489.15 on July 5, 2024.
In terms of technicals, the relative strength index (RSI) of BEML stock stands at 38.4, signaling it’s neither trading in the overbought nor in the oversold zone. The stock has a beta of 1.6, indicating very high volatility in a year.
“The agreement is important in enhancing bilateral cooperation for the Indigenous Design, Development, Manufacture, Testing, and Product Support of critical Marine Equipment and systems. Aligned with the Government of India’s Aatmanirbhar Bharat initiative, the partnership aims to strengthen self-reliance in defence production and minimize reliance on foreign imports,” said BEML.
“The equipment covered under this 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. BEML is committed to providing cost-effective, reliable, and enduring solutions to the Indian Navy, in alignment with the Government of India’s Aatmanirbhar Bharat initiative,” it added.