BEML Ltd shares jumped 8% after the company secured a significant ₹590 crore defence order from the Ministry of Defence. This major contract win has provided strong momentum to the stock, which has gained ~21% in a month and delivered about 200% returns over three years, reflecting sustained investor interest in the defence equipment manufacturer.
According to reports from The Economic Times, BEML Ltd, a capital goods company, is currently down over 20% from its highs but showing renewed bullish momentum. The stock has broken out of a descending price channel, indicating a potential upward trend. Medium-term traders with a high-risk profile can look to buy the stock for a target of ₹2,200 in the next 3-4 months, suggest experts.
As reported by The Economic Times, technical indicators support this positive outlook for BEML stock. The company, which manufactures and supplies defence ground support equipment such as Tatra based high mobility trucks and aircraft towing tractors, is showing signs of a potential comeback. The technical breakout from the descending price channel suggests bulls are attempting to regain control of the stock's direction, with the latest defence order win providing additional momentum.
According to the report, BEML Ltd operates under the capital goods sector and specializes in manufacturing and supplying defence ground support equipment. The company's product portfolio includes Tatra based high mobility trucks and aircraft towing tractors, positioning it within the defence and mining equipment manufacturing space.
As reported by The Economic Times, experts suggest that medium-term traders with a high-risk profile can consider buying the stock for the ₹2,200 target in 3-4 months. The recommendation comes as the stock shows signs of bottoming out after its significant decline from previous highs, with technical indicators supporting a potential upward movement in the near term, now further supported by the substantial defence order win.
