look news india
PSU Stocks: There is heavy selling pressure in the domestic market today. Equity benchmark indices BAC Sensex and Nifty 50 continued to fall. However, amid all this, there is heavy buying in some stocks. One such PSU stock is Bharat Earth Movers Limited (BHML) which jumped more than 14 percent today even in a falling market. Profit taking moves have softened but are still in a very strong position. Currently it is trading at Rs 3619.95 on BSE with a gain of 12.78 percent. In intra-day it increased by 14.40 percent to Rs 3671.95. This is the biggest intra-day jump in BEML shares since August 2023.
Know the reason for the sudden rise in BEML shares
BEML shares hold the key to the company's financial results. The March 2024 quarter was very good for the company. The company's revenue grew 9% year-on-year to ₹ 1,513 crore in the last quarter of the last financial year 2023-24 and EBITDA also increased 29% to ₹ 370 crore during the same period. Ebitda margin increased from 20.7 percent to 24.5 percent. As far as profits are concerned, net profit increased by 64 percent to Rs 257 crore. As of March 31, 2024, its order book stands at ₹11,872 crore, of which orders worth ₹3,301 crore will be fulfilled in its fiscal year 2025.
How has the stock performed in a year?
BEML shares witnessed a strong rise today. Now if we talk about the movement of shares in the last one year, then last year its one year low of 12 May 2023 was Rs 1,365.00. From this level it jumped 203 percent in just 9 months to reach Rs 4,139.40 on February 2, 2024, a record high for its shares. In this way, investors' money in BEML shares increased more than three times in 9 months. It is currently down more than 12 percent from this all-time high.
What is the experts' stance?
3 out of five analysts tracking BEML have given it a buy rating. One analyst has given it a hold rating and one has given a sell rating. However, the target price set by these five analysts for investment in it has been achieved and there is no change in the target yet.