BEML surges 10%, hits 52-week high on report govt plans divestment

Shares of BEML surged 10 per cent to hit a fresh 52-week high of Rs 1,108 on the BSE on Wednesday on report that the government has started the divestment process of the state-owned commercial vehicles' company.

According to a report by CNBC-Awaaz, the government could soon invite Expression of Interest (EoI) by late November or early December to reduce its stake by nearly 26 per cent in the company.

"While the government would reduce stake from the current 54.03 per cent, it would continue to retain control over management," the report said. It further added that Centre would not need Cabinet