BEML’s share rose as much as 2.29 per cent after the company received a Rs 557 crore order from the defence ministry for supply of 1,512 track width mine plough for T-90 tanks of Indian Armoured Corps.

BEML shares later pared gains and were at Rs 650, up 0.04 per cent from their previous close, while the benchmark index, Sensex fell 0.42 per cent to 37771.24.

Under the ‘Make in India’ policy, the contract has ‘buy’ and ‘make’ categorisation with a minimum of 50 per cent indigenous content in the ‘make’ portion of the contract. The mine ploughs will be manufactured at BEML facilities with the help of Pearson Engineering, UK.

These mine ploughs will be fitted on T-90 tanks which will facilitate individual mobility to the tanks while negotiating minefields. Out of 1,512 mine plough, BEML will supply 100 units in 12 months and 250 in subsequent years. The order will be completed in seven years.

“This is another example of BEML’s capability to meet the specific requirements of our armed forces. BEML signifies the true spirit of ‘Make in India’ and enabler for ‘Atmanirbhar Bharat’, said Deepak Kumar Hota, CMD, BEML Limited.

BEML reported a 14.85 per cent year-on-year rise in net profit to Rs 186.33 crore in the quarter ended March. Sales declined 22.07 per cent to Rs 1066.42 crore.

Read EquityPandit’s Nifty Outlook for the Week