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Shares of BEML have rallied 6% to Rs 1,320, its fresh 52-week high on the Bombay Stock Exchange (BSE).
Thus far in 2015, the stock of government-owned company has rallied 68% from Rs 793 as compared to 2% rise in the S&P BSE Sensex.
The company had reported a more than doubled net profit at Rs 169 crore for the quarter ended March 31, 2015 against Rs 64 crore in the corresponding quarter of previous fiscal. It posted net loss of Rs 11 crore in December 2014 quarter.
Analyst at Angel Broking initiates coverage on BEML with ‘buy’ rating and target price of Rs 1,414.
Higher Budgetary allocations towards urban infrastructure (especially metros) and defense sector, coupled with recent mining sector announcements, strengthen our view that good times are ahead for BEML, Yellapu Santosh, analyst at Angel Broking said in a report dated June 29.
Demand recovery, strong market positioning (almost virtual monopoly), coupled with execution of cost cutting initiatives, strengthen our view that BEML would experience strong margin recovery, added report.
At 1155 hours, the stock was up 5% at Rs 1,306 on the NSE, with a combined around 410,000 shares changing hands on the counter on the NSE and BSE.
Thus far in 2015, the stock of government-owned company has rallied 68% from Rs 793 as compared to 2% rise in the S&P BSE Sensex.
The company had reported a more than doubled net profit at Rs 169 crore for the quarter ended March 31, 2015 against Rs 64 crore in the corresponding quarter of previous fiscal. It posted net loss of Rs 11 crore in December 2014 quarter.
Analyst at Angel Broking initiates coverage on BEML with ‘buy’ rating and target price of Rs 1,414.
Higher Budgetary allocations towards urban infrastructure (especially metros) and defense sector, coupled with recent mining sector announcements, strengthen our view that good times are ahead for BEML, Yellapu Santosh, analyst at Angel Broking said in a report dated June 29.
Demand recovery, strong market positioning (almost virtual monopoly), coupled with execution of cost cutting initiatives, strengthen our view that BEML would experience strong margin recovery, added report.
At 1155 hours, the stock was up 5% at Rs 1,306 on the NSE, with a combined around 410,000 shares changing hands on the counter on the NSE and BSE.
