Shares of BEML jumps 13% as government decides to divest stake

Bharat Earth Movers Limited’s share price jumped 13 per cent on March 8. It was right after the company approved the appointment of Deloitte Haskins & Sells LPP as a consultant for advising. They will be undertaking and implementing demerger of non-core assets of the company.

The company said that the decision to this effect was taken at the company’s board meeting held on March 5. BEML’s disinvestment process has been undertaken by the Government of India.

The stock price has surged over 22 per cent in the last 7 days. It was trading at Rs 1,322.05, up Rs 150.15, or 12.81 per cent. It touched a 52-week high of Rs 1,335.

Tata Motors, Mahindra and Mahindra and Ashok Leyland are reportedly among the companies looking to acquire a 26 per cent stake in the defence equipment maker BEML. Bharat Forge and Megha Engineering and Infrastructure may also submit the expressions of interest for the Centre’s stake in BEML.

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