BEML rose 2.26% to Rs 1,435.75 after the company announced a memorandum of understanding (MoU) with a special purpose vehicle (SPV) led by the Delhi Metro Rail Corporation (DMRC) for the supply of metro rolling stock for the Bahrain Metro Rail Project Phase-1. The DMRC-led SPV has been chosen to build Phase 1 of the Bahrain Metro Rail Project. As part of this MoU, BEML will manufacture and supply metro rolling stock, while DMRC will provide expertise in project development, budgeting, and contractual obligations. The MoU will allow BEML to grow on a global scale.
BEML is a Ministry of Defence schedule ‘A’ multi-technology company. It operates in three major business sectors: defence and aerospace, mining and construction, and rail and metro. The Government of India owned 54.03% of BEML as of December 31, 2022.