BEML share price rises nearly 3% on export orders worth $23 million

The company has received export orders from Cameroon and Bangladesh.

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BEML share price rose nearly 3 percent in the early trade on March 17 after company had received export orders from Cameroon and Bangladesh under Government of India-Lines of credit.

The order for Cameroon has been received from Ministry of Economy, Planning & Regional Development (MOEPRD), Government of Cameroon for supply of 71 units of construction equipment consisting of Bulldozers, Excavators, Wheel Loaders, Motor graders and Compactors for their Cassava farm project.

The order for Bangladesh has been received from Ministry of Roads & Highways Department, Government of Bangladesh.

The order included supply of construction equipment consisting of Wheel Dozer for their construction, repair and maintenance of road and infrastructure projects in Bangladesh.

The value of the orders at around $ 23 million, and will be manufactured at company’s KGF and Mysore plants in Karnataka signifying the true spirit of ‘Atmanirbhar Bharat’ with thrust on going global, company said.

The Centre in January invited expressions of interest for a stake sale in the defence equipment maker along with the transfer of management control.

The stake sale would be done through an open competitive bidding route. Interested bidders were to submit an expression of interest (EoI) by March 1. The deadline has now been extended to March 22, company said.

The company approved the appointment of M/s Deloitte Haskins & Sells LPP, as consultant for advising, undertaking and implementing demerger of non-core assets of the company.

The company share gained 114 percent, 130 percent and 172 percent in last 6-month, 9-month and 1-year, respectively.