BEML jumped 12.79% to Rs 1,868.95, extending its winning run to third trading session.
Shares of BEML have surged nearly 20% in three trading sessions from its previous closing low of Rs 1557.65 posted on 24 November 2021. The counter hit a 52-week high of Rs 1,924.50 in intraday today. The stock has zoomed 166.2% from its 52-week low of Rs 702 recorded on 27 November 2020.On the BSE, 67,718 shares were traded in the counter so far compared with average daily volumes of 19,484 shares in the past two weeks. On NSE, 13.08 lakh shares were traded so far as compared to a fortnightly average of 3.53 lakh shares.
On the technical front, the stock's RSI (relative strength index) stood at 75.138. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 1547.93 and 1433.94 respectively. These levels will act as crucial support zones in near term.
BEML is a multi-technology schedule 'A' company under the Ministry of Defence. The company operates in three verticals viz. defence & aerospace, mining & construction and rail & metro. As on 30 September 2021, the Government of India held 54.03% stake in BEML.
On a consolidated basis, the company reported a 38.1% fall in net profit to Rs 10.66 crore on a 50.7% increase in net sales to Rs 1,000.42 crore in Q2 FY22 over Q2 FY21.
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