Shares of BEML Ltd fell nearly 1% after touching the day’s high of Rs 4,348 on 29th October. This occurred even though the company had announced earlier on 8th October that it had entered into a quadripartite Memorandum of Understanding (MoU) with Deendayal Port Authority (DPA), Delhi Metro Rail Corporation (DMRC), and Umeandus Technologies India Private Ltd (UTIPL).

Under the MoU, the parties have agreed to develop a Real-Time Automatic Cargo Evacuation System (e-FTS and Enhanced Freight Transport System). As per the agreement, Deendayal Port Authority will serve as the client. Meanwhile, DMRC will act as the lead member.

BEML and Umeandus Technologies India Private Ltd will be the execution partners for developing a pilot project for the Real-Time Automatic Cargo Evacuation System.

BEML First Quarter Results

BEML reported a net loss of Rs 64 crore, slightly lower than the Rs 70.5 crore loss recorded in the same quarter last year. The company posted an EBITDA loss of Rs 49 crore. This was compared to a Rs 50.1 crore loss a year ago.

Revenue for the quarter stood at Rs 634 crore, remaining flat year-over-year. Sequentially, the topline declined by more than 60%.

At 2:15 PM, shares of BEML were trading 0.74% lower at Rs 4,292.40 on NSE.

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