 "BEML hits 52-week low on Rs 14 crore loss in Q4")
State-run BEML today touched a 52-week low of Rs 406 as the company reported a loss of Rs 13.99 crore for the fourth quarter of 2011-12. It had posted a net profit of Rs 70.25 crore in the same period previous fiscal, the company said in a filing to the BSE.
The Bangalore-based company said its income from operations during the quarter also fell to Rs 793.35 crore against Rs 941.60 crore in the January-March period of 2010-11.
[caption id=“attachment_328453” align=“alignleft” width=“380” caption=“PTI”]
[/caption]
The consolidated net profit of the company for 2011-12 fiscal declined to Rs 56.74 crore against Rs 146.91 crore a year ago. Income from operations was also down to Rs 2,715 crore compared to Rs 2,643.78 crore in 2010-11.
Aashish Tater, Head of Research, Fort Share Broking earlier in May advised traders to avoid BEML as it may slip to Rs 400 levels. “We have an avoid rating on BEML since the controversial statement actually started coming in around at Rs 540-550 levels, but after that the stock had gone up and now it’s actually correcting to it’s right levels.”
Shares of BEML have been under pressure for the last two months after reports that the Karnataka police had frozen the company’s banks accounts. The government-owned company that supplies the Army with trucks and other equipment has been in the news in relation with the sale of Tatra trucks to the Indian army.