BEML shares jump over 3% after securing Rs 405 crore contract from Bengaluru Metro Rail

The contract also includes training personnel and providing comprehensive maintenance for up to 15 years under the Bengaluru Metro Rail Project, according to an exchange filing on Thursday.

The stock remains in focus after Motilal Oswal Financial Mutual Fund acquired a stake in BEML through block deals on Thursday, March 27.

Motilal Oswal MF purchased 2.66 lakh shares at an average price of ₹3,048.3 per share, according to data released last evening.

Stock exchange data shows that Motilal Oswal did not hold more than a 1% stake in BEML at the end of the December quarter, which could explain why its name was not included in the earlier shareholding pattern.

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Other mutual funds holding stakes in BEML include Invesco, Kotak Mahindra Bank, HDFC Small Cap Fund, and ICICI Prudential, with holdings ranging from 1.83% to 6.15% as of the December quarter.Also Read: 10 BSE 500 stocks that can rally 70-210% in the next 12 months

According to Trendlyne data, the average target price for the stock is Rs 3,838, indicating an upside of 22% from current market prices. The consensus recommendation from two analysts for the stock is a “Buy.”

Technically, the stock’s Relative Strength Index (RSI) stands at 64.4, indicating it is neither oversold nor overbought. The Moving Average Convergence Divergence (MACD) is at -87.8, which is below its center line, signaling a bearish trend.

BEML shares are currently trading above their 5-day, 10-day, 20-day, 30-day, and 50-day SMAs but remain below their 100-day, 150-day, and 200-day SMAs.

On Thursday, BEML shares closed at Rs 3,132.6 on the BSE, up 13.6%, while the Sensex gained 0.41%. The stock has fallen 24% year-to-date but surged 22% in the past month. The company’s market capitalization stands at Rs 13,045 crore.

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