Bharat Earth Movers (BEML) has moved higher by 4% at Rs 509 on reports that the Indian government has cleared a repeat order worth Rs 1,350 crore ($275 million) for 650 armoured recovery and repair vehicles for its 1,500 T-72 Ajeya main battle tanks.
The Cabinet Committee on Security cleared the defence ministry's proposal and approved the orders to be placed with defence public sector undertaking BEML, reports suggest.
“BEML will build the armoured recovery and repair vehicles through technology transfer from Polish company Bumar, with which it had signed an agreement on this,” the report added.
The stock opened at Rs 485 and hit a high of Rs 519 on the National Stock Exchange. A combined 281,794 shares have changed hands on the counter till 1157 hours.
