BEML touches 52-week high on stake sale buzz

BEML

Shares of BEML touched its 52-week high of Rs 1,108.20, rising 10 percent intraday on October 30 on reports of a strategic stake sale by the government.

The government has revisited plan for strategic stake sale in the company, reported CNBC-Awaaz, quoting sources.

Defence Ministry, DIPAM (Department of Investment and Public Asset Management) officials met on BEML stake sale on the direction of PMO and government may soon issue EoI for 26 percent stake sale in BEML with management control, sources added.

However, no cabinet nod required for stake sale in the company.

A board meeting of the company is scheduled for November 2 to consider and approve the un-audited financial results for second quarter ended September 2019.

At 1036 hrs, BEML was quoting at Rs 1,077.50, up Rs 68.85, or 6.83 percent on the BSE.

News Source:- moneycontrol

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