Q2 numbers prop up Bharat Earth

Dalal Street Spikes

 The stock moved up on good buying support after the company announced its second quarter results in afternoon trades.

 For the second quarter ended September 30, 2003, BEML posted a 34.5 per cent rise in net profit to Rs 19.75 crore (Rs 14.68 crore) on a 48 per cent increase in total income to Rs 461.75 crore (Rs 311.83 crore).

 According to market sources, the company has attracted buying interest because of good future prospects and institutions as well as other players are said to be accumulating the stock.

 The company also announced that it is targeting attaining a total turnover of Rs 1,760 crore in fiscal 2003-04.

 BEML registered an 18 per cent growth in turnover to Rs 1,680.02 crore from Rs 1,422.82 crore.

 BEML had reported that it expected Rs 500 crore in business opportunities from each metro rail project on commissioning.