BEML shares surge over 20 pc, touch 52-week-high values

Shares of BEML Ltd on Monday soared as high as over 20 percent to lock into the upper circuit limit and touch 52-week-high values on exchanges amid reports that multiple firms are looking to buy the government's 26 percent stake in the firm.

On the BSE, the scrip surged 20 percent to its 52-week high value of Rs 1,406.25, also its upper circuit limit.

Likewise, on the NSE, the shares jumped 20 percent to their upper circuit limit and the 52-week-high value of Rs 1,416.

As per the latest reports, multiple firms are looking to buy the government's 26 percent stake in the public sector undertaking.

In January, the government had invited preliminary bids for the strategic sale of a 26 percent stake along with the transfer of management control in defense PSU BEML.

BEML is involved in sectors like defense, rail, power, mining, and infrastructure.

The company's total revenue from operations was Rs 3,028.82 crore in fiscal 2019-20.

BEML has an order book of Rs 9,795 crore as of March 31, 2020.

The government has ''in-principle'' decided to disinvest a 26 percent stake of BEML through strategic sale with transfer of management control. The government holds a 54.03 percent stake in the company.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)