BEML’s agreement with Indonesia’s SMJ moves the stock up

BEML is currently trading at Rs 373, up by 5.60 points or 1.52% from its previous closing of Rs 367.40 on the BSE.

The scrip opened at Rs 372 and has touched a high of Rs 378 with a low of Rs 369.10. So far 4,689 shares were traded on the BSE.

The BSE group ‘A’ PSU index stock of face value Rs 10 has touched a 52 week high of Rs 1,239 on March 12, 2008 and a 52 week low of Rs 280 on December 3, 2008.

The BSE PSU index is currently trading at 4,794.87, up by 0.18% from its previous closing.

The price of the scrip has witnessed positive changes of 4.50% since last week and 10.72% since last month.

Bharat Earth Movers (BEML) has inked an agreement with Indonesia’s Sumber Mitra Jaya (SMJ) to jointly bid for the upcoming contract mining businesses in India.

As per the deal, 30% of the investments will be made by BEML and 70% would be made by SMJ.

While BEML’s investment would comprise equipment, spares and services, SMJ will take care of planning and execution of contract mining.

BEML is also considering the possibility of establishing a company in Indonesia to improve the export prospects in association with SMJ.