BEML shares gain over 3% after Rs 5,400 crore high-speed rail order win

As per the latest business developments, BEML shares advanced over 3% in morning trade on Friday after the firm bagged an order worth over Rs 5,400 crore from National High Speed Rail Corporation Ltd (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.

Shares of BEML were trading at Rs 2,087 on the NSE at 10:57 am, up 3.66% from the previous close. The stock touched an intraday high of Rs 2,121. It has advanced 4.8% during the past month and is up 11.5% so far this year.

The order covers the supply and maintenance of high-speed rolling stock and allied works for the MAHSR corridor, according to BEML's regulatory filing. The firm stated the order was received in the normal course of business.

Last month, BEML Chairman and Managing Director Shantanu Roy told CNBC-TV18 that the firm was expecting a stronger performance in the current fiscal and projected around 30% topline expansion for the year.

On the order front, BEML is targeting around Rs 20,000 crore in order inflows this fiscal, subject to the finalisation of key tenders, Roy stated. He further noted that the firm has order prospects worth over Rs 40,000 crore across rail and metro, while additional opportunities are building up in mining, defence, construction and exports.