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Business News/ Markets / Stock Markets/  Multibagger Stock: BEML share price zooms over 13% post Q4 results. Here's what technical analysts say
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Multibagger Stock: BEML share price zooms over 13% post Q4 results. Here's what technical analysts say

BEML share price surged over 13% after Q4 results announcement, with 62.9% YoY increase in net profit to ₹256.8 crore. EBITDA rose 29.2% to ₹370.4 crore. Board recommended a final dividend of ₹15.50 per equity share.

BEML share price opened at ₹3,352.85 apiece on BSE, the stock touched an intraday high of ₹3,636 and an intraday low of ₹3,250.90. Premium
BEML share price opened at 3,352.85 apiece on BSE, the stock touched an intraday high of 3,636 and an intraday low of 3,250.90.

BEML share price zoomed over 13% on Monday's session following company's Q4 results. The company announced a 62.9% year-on-year (YoY) increase in total net profit to 256.8 crore for the quarter ended March 2024, driven by strong operating numbers. Its income from operations increased by 9% on year to 1,513.7 crore.

According to moneycontrol's news report, the company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 29.2% to 370.4 crore, with margins improving to 24.5% from 20.7% year on year.

The board of directors have recommended a final dividend of 15.50 per equity share.

Also Read: ABB India share price jumps over 8% to touch 52-week high following strong March quarter results. Is it time to buy?

BEML share price opened at 3,352.85 apiece on BSE, the stock touched an intraday high of 3,636 and an intraday low of 3,250.90. A year ago, BEML share price were priced at 1,376.20 each. Today, they are trading at 3,560.10, marking an impressive gain of 159%.

Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One highlighted that the stock has resumed it primary uptrend and has formed a higher bottom in today's session backed with 7% upmove and volumes, expect this upmove to continue in near term 3,900. 

According to Riyank Arora, Technical Analyst at Mehta Equities Ltd, the stock has touched its trendline resistance mark of 3,635 on its daily timeframe charts. An immediate support is placed at 3,450 in the stock, below which we can see levels of 3,400 and 3,350 coming in. However, a breakout above 3,635 can generate momentum in the stock, and we can see it rushing towards 3,700 and 3,850 levels. Currently, the stock is in a no-trade zone, and we advise traders to wait and watch until there is a breakout or breakdown on either side.

Also Read: Amit Shah predicts THIS for Indian stock market after Lok Sabha election results

As per the company's website, BEML Limited, a 'Schedule 'A' Company under the Ministry of Defence, Government of India, plays an important role in serving India's vital industries such as defense, rail, power, mining, and infrastructure.

The firm began with a small revenue of 5 crores in 1965, and today, owing to its varied business portfolio, it has a turnover of more than 4,300 crore. As per the company's exchange filing, the order book position as on 31st March was 11,872 crore.

Also Read: Bank of Baroda share price gains as brokerages maintain positive view after Q4 results; Should you buy the stock?

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 13 May 2024, 11:43 AM IST
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