Bharat Earth Movers Ltd fell to one month low despite drop in quarterly losses

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Bharat Earth Movers Ltd fell to one month low despite drop in quarterly losses
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Bharat Earth Movers Ltd., a maker of heavy machining equipment for mining industry, fell to one month lows even as the company reported a drop in quarterly losses on the back of higher sales and lower finance costs.

BEML, 54 percent owned by the government said its first quarter net loss narrowed to 74.9 crore rupees compared with 95.5 crore rupees in the same quarter a year ago. Sales during April-June rose 17 percent to 590 crores from 502 crore rupees.

BEML said its finance costs fell 45 percent to 11.7 crores from 21.4 crore rupees in the same two periods.

BEML fell 34 rupees, or 2.6 percent, to 1,337 crore rupees on the National Stock Exchange where 2.3 lakh shares were traded compared with a 5-day average of 1.54. lakhs

BEML's market capitalisation has surged 140 percent in the last one year to 5,590 crore rupees on hopes of a rise in orders as the economy recovers from a slowdown. The stock trades at 2.8 times book value of 481 rupees.
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(Image credits: bemlindia)