Buy BEML, target price Rs 1642: ICICI Direct

ICICI Direct has buy call on BEML with a target price of Rs 1642. The current market price of BEML is Rs 1540.
Time period given by analyst is 14 days when BEML Ltd. price can reach defined target.

BEML Ltd., incorporated in the year 1964, is a Mid Cap company (having a market cap of Rs 6375.77 Crore) operating in Engineering sector.



Financials
For the quarter ended 31-12-2021, the company has reported a Consolidated Total Income of Rs 1174.05 Crore, up 15.80 % from last quarter Total Income of Rs 1013.87 Crore and up 59.02 % from last year same quarter Total Income of Rs 738.31 Crore. Company reported net profit after tax of Rs 78.51 Crore in latest quarter.


Investment Rationale
The stock in the daily chart has generated a breakout above the falling supply line joining highs of the last one month thus offers fresh entry opportunity

Promoter/FII Holdings
Promoters held 54.03 per cent stake in the company as of 31-Dec-2021, while FIIs owned 4.31 per cent, DIIs 21.38 per cent.