BEML News

Some defence stocks closed the intra-day trading session lower. Major players like Hindustan Aeronautics Limited (HAL) and Paras Defence slipped slightly into the red. 

The Acquisition Wing of Union Ministry of Defence has signed a contract with BEML for procurement of 1,512 Mine Plough (MP) for Tank T-90 S/SK at an approximate cost of Rs 557 crore. The contract has Buy and Make (Indian) categorisation with a minimum of 50 per cent indigenous content in make portion of the contract. These mine ploughs manufactured by BEML will be fitted on T-90 Tanks of Indian Armoured Corps which will facilitate individual mobility to T-90 tanks while negotiating mine field.

Government will sell 26 percent stake in defence equipment manufacturer BEML, making it the first major PSU to be sold through strategic disinvestment, which may fetch the exchequer over Rs 1,000 crore.  

BEML shares Thursday surged to their 52-week high on the bourses after the defence PSU said it has bagged orders worth Rs 645 crore from Delhi Metro Rail Corporation (DMRC).

Shares of infrastructure, realty and defence companies gained ground on Tuesday after the government recommended promulgation of an ordinance making significant changes in the Land Acquisition Act.

Shares of companies involved in defence sector rallied as much as 8.6 per cent today after projects worth a whopping Rs 80,000 crore were cleared by the government.

Paring their initial gains, shares of defence equipment makers ended with losses Thursday, down more than 2 percent, mainly on profit-booking in an overall weak stock market.