Bharat Earth Movers Limited (BEML) shares rallied 3.55 per cent in morning trade on Wednesday after bagging a metro train sets contract from the Bengaluru metro. The state-owned mini ratna company on Wednesday bagged an order worth `400 crore to augment the metro services in Bengaluru.
“BEML has received a contract for seven metro train sets of six cars configuration to augment the metro services in Bengaluru valued around `400 crore,” the company said in a regulatory filing.
The company operates under three major business verticals — mining and construction, defence and rail and metro.
These three verticals are serviced by nine manufacturing units located at Bengaluru, Kolar Gold Fields (KGF), Mysore, Palakkad and Subsidiary - Vignyan Industries, in Chikmagalur District. It is also known as one of the top construction equipment suppliers and metro train manufacturers in India.
Besides railways, BEML is also exploring global and domestic opportunities in the ever-expanding aerospace market. It aims to benefit from the offset policy laid down for defence procurement by the Union government.
Recently, the defence public sector undertaking and US-based Lockheed Martin Aeronautics Company have signed a ‘Certificate of Partnership’ at the Aero India 2019 summit. This opens up avenues for collaboration between the two companies to explore manufacturing of support aerospace equipment, said Deepak Kumar Hota, Chairman and Managing Director, BEML.