Elara Capital has maintained buy rating on BEML with a target of Rs 1,180.
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.
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 lowAt 1148 hours, BEML was quoting at Rs 946.90, up Rs 5.55, or 0.59 percent on the BSE.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.