BEML shares rally 17% after Chhattisgarh govt invites firm to set up advanced mining equipment plant

BEML shares rallied over 17 percent on March 27 after Chhattisgarh government invited the PSU company to set up a state-of-the-art mining equipment manufacturing facility in the state. The shares of the defence company closed at Rs 3,239 apiece, its highest level in over a month.

Chhattisgarh's Chief Minister Vishnu Deo Sai formally extended the invitation to BEML Chairman and Managing Director Shantanu Roy at the Investor Connect event in Bengaluru. "The Honourable Chief Minister presented the official 'Invitation to Invest' to BEML's Functional Directors - Shri Anil Jerath (Finance), Shri Sanjay Som (Mining & Construction and Defence), and Shri Debi Prasad Satpathy (Human Resources) - in the presence of key government ministers and senior officials," BEML said in a post on X. The company also shared pictures of its executives receiving the formal invitation from the CM at the event.

"This facility will produce high-performance dump trucks, water sprinklers & motor graders, strengthening India’s mining & infrastructure sectors," the company further said.

In a press release, the company said Chhattisgarh has positioned itself as an attractive investment destination with pro-business policies, enough natural resources and robust ease-of-doing-business framework. "The state offers single-window clearances, zero-paper processing, and a conducive industrial ecosystem, ensuring seamless execution for new investments," it further said.