 "BEML bags Rs 900 cr contract from Kolkata Metro")
Shares of BEML hit a new high of Rs 2,424.95 as they rallied 10 per cent on the BSE in Tuesday's intra-day trade on strong order book position of over Rs 10,000 crore. In the past five months, the stock has zoomed 94 per cent as compared to 12 per cent rise in the S&P BSE Sensex.
As on June 30, 2023, BEML's order book position stood Rs 9,800 crore, of which Rs 3,026 crore will be executed in the current year and the remaining Rs 6,774 crore in subsequent years, the company said.
On August 7, BEML secured Letter of Acceptance from Bangalore Metro Rail Corporation (BMRC) for supply of Rolling stock contract 5RS-DM valued at approximately Rs 3,177 crore.
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Further, on August 22, BEML announced that it has bagged order from Ministry of Defence (Army) for supply of Command Post Vehicles with contract value of Rs 101 crore approximately. Later, on August 28, the company received contract for export order from KAMSS Ltd, Russia, for BEML Dozer BD355 valuing $19.71 million. The contract, the company said, will be executed in different phases starting from August, 2023, for which purchase order has been received.
BEML manufactures rail coaches and spare parts, and mining equipment. The company operates under three major business verticals i.e. mining & construction, defence & aerospace, and rail & metro. The Government of India owns 54 per cent of total equity and rest 46 per cent is held by Public, Financial Institutions, Foreign Institutional Investors, Banks, and Employees.
For financial year 2023-24, the management expects the company's order book to be somewhere near Rs 16,000 crore. Further, if the company manages to get order worth Rs 17,000 crore in one shot, the order book may surpass Rs 17,000-crore mark.
"For another 72 cars from Bangalore Metro, BEML stand L-1. Mumbai Metro, Chennai Metro and Patna Metro are expecting approximately 700 cars tender and the value of those tenders will be approximately Rs 7,000 crore," BEML said in its Q1 earnings call.
The management said tender has been out from MRVC, Mumbai Rail Vikas Nigam, where they require 232 train set consisting of 12 bogies or 12 cars, which is approximately Rs 17,000 crore value, which includes some maintenance as well as build-up of their two depots.
