This Mid-Cap Public Sector Stock Rallied Over 13% on Monday; Hits 52-Wk High

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This Mid-Cap Public Sector Stock Rallied Over 13% on Monday; Hits 52-Wk High
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the public sector mining company BEML (NS: BEML ) Limited was trading at a surged rate of 13.5% at Rs 1,881.9 at the NSE and 13% up at Rs 1,880 at the BSE on Monday. The mining major has set its new 52-week high in today’s session at Rs 1,924.50 a share.

The previous 52-week high attained by the stock was on November 26, 2021, at Rs 1,777.20/share.

About 45,000 BEML shares have been traded until 11:30 am on Monday, in comparison to a daily average of 19,000 over the past 14 days.

The mid-cap mining stock has been in focus for some time now, as the process of government’s stake sale in the company is taking off. The Government of India holds a total of 54.03% stake in BEML, of which it is looking to sell off 26%, privatising the mining company, in line with its disinvestment target to generate Rs 1.75 lakh crore by the end of FY22.

It has been reported that for the government’s stake sale process of BEML, companies like Mahindra & Mahindra (NS: MAHM ), Tata Motors (NS: TAMO ), Ashok Leyland (NS: ASOK ), Bharat Forge (NS: BFRG ), and Megha Engineering have come forward.

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