India's BEML hits record high on contract with defence ministry

BEML

05/01/2024 06:49

** Shares of state-owned heavy equipment maker BEML
 BEML.NS  rise as much as 6.7% to 3,080.40 rupees, hitting a
record high; last up 3.9%
    ** Ministry of Defence inks contract with co for mechanical
minefield marking equipment at a cost of 3.29 billion rupees
(nearly $40 million)
    ** BEML shares closed 2.6% higher on Thursday, near the
day's high, after the contract win disclosure in the last 15
mins of trading
    ** BEML shares on track for a tenth straight week of gains,
if trend holds; up ~49% during this time as of now  
    ** Stock trading above its 50-, 100-, and 200-day moving
averages since mid Nov; on track for a third consecutive session
of gains
    ** More than 1 mln shares change hands, 2.6x the 30-day avg 
    ** Stock gained about 93% in 2023, best since 2014


($1 = 83.1325 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))