BEML Share Price Hits Two-Week High Following Rebound: What's Behind The Surge?

BEML Ltd. share price rose to the highest level in over two weeks on Friday. The stock snapped a four-day rally in previous session.

BEML share price had rallied after the company said Wednesday that it will rollout 20 trains for Bengaluru metro in the current financial year.

“In September, we are planning to roll out the first train, which is very much as per plan. And this year, we are supposed to roll out 20 train sets. We are on track as far as the Bengaluru Metro is concerned,” he said during a conversation with NDTV Profit on Tuesday

On Thursday, BEML announced that it annual general meeting will take place on Sept 29.

BEML share price rose 4.99% to Rs 4,419 apiece, the highest level since Aug 21. It was trading 4.39% higher at Rs 4,124 apiece as of 11:07 a.m. compared to 0.16% decline in the NSE Nifty 50 index.

The stock rose 1.60% in 12 months, and 1.36% on year-to-date basis. Total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 53.88.

Out of four analysts tracking the company, three maintain a 'buy' rating, one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 16%.