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Last Updated : Oct 07, 2019 12:16 PM IST | Source: Moneycontrol.com

BEML gains on order win from Delhi Metro

Elara Capital has maintained buy rating on BEML with a target of Rs 1,180.

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Shares of BEML rose 1.6 percent intraday on October 7 after the heavy equipment manufacturer bagged more orders from the Delhi Metro Rail Corporation.

The company has bagged orders for ‘RS15’ -- design, manufacture, supply, testing and commissioning of 80 Broad Gauge Intermediate Cars compatible with existing ‘RS1’ type trains for conversion of six-car train set to eight-coach train set valuing Rs 729 crore approximately.

Elara Capital has maintained a buy rating on BEML, with a target of Rs 1,180.

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The broking house expects an earnings CAGR of 46% over FY19-22E (versus nil over FY16-19) and a ROE of 7 percent and a ROCE of 8 percent over FY20-22E (versus ROE at 4 percent and ROCE at 5 percent over FY16-19).

The share touched its 52-week high Rs 1,034.35 and 52-week low Rs 521.00 on 03 April, 2019 and 26 October, 2018, respectively.

It is trading 8.49 percent below its 52-week high and 81.67 percent above its 52-week low

At 1148 hours, BEML was quoting at Rs 946.90, up Rs 5.55, or 0.59 percent on the BSE.

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First Published on Oct 7, 2019 12:07 pm
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