Bharat Earth jumps up on second offer plan

DALAL STREET SPIKES

Bharat Earth Movers hit a new high on proposed second public offer. The stock ended 9 per cent higher after hitting an intra-day 52-week high of Rs 725.

A dealer with a domestic broking firm said, "Fundamentally, the company is doing very well and a proposed second public offer will further attract buying interest in the counter."

In Tuesday's trading, over 4.15 lakh shares changed hands on BSE. The company is hopeful of getting an order worth Rs 1,000 crore from the Sri Lankan government.

The company earlier this month participated in the bidding process for rebuilding parts of the Sri Lankan rail network destroyed by the December 2004 tsunami. The company has a healthy order book position, which stood at Rs 2,003 crore as on March 31, 2005.