BEML

** Shares of BEML Ltd BEML.NS climb 2.8% to 2,560.30 rupees

** BEML on Wednesday evening said it has signed a non-binding agreement with Siemens' Indian unit SIEM.NS to jointly explore metro rail and semi-high-speed train manufacturing

** State-owned firm also partnered with Dragflow and Italy Forge to explore dredging solutions

** Over 626,000 shares traded, 1.7x the 30-day avg volume

** BEML trims YTD losses to 37%

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

March 12 (Reuters) - BEML Ltd BEML.NS:

• BEML LTD - CO AND SIEMENS SIGN MOU TO EXPLORE TRAIN AND METRO MARKETS

• BEML LTD - CO AND DRAGFLOW S.R.L., ITALY FORGE SIGN MOU TO STRENGTHEN DREDGING SOLUTIONS

Source text: ID:nBSE7P05pd

Further company coverage: BEML.NS

(([email protected];))

** Shares of India's BEML BEML.NS slide 3.2% to 3,278 rupees, extends losses to fifth straight session

** Heavy machinery maker's consol Q3 profit nearly halved, rev from ops dropped 16% y/y

** Trading vols at ~429k shares vs 30-day avg of 248.6k shares

** Stock has dropped ~20% so far in 2025

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

Updates with details, market reaction and analyst quotes

MUMBAI, Feb 1 (Reuters) - India's federal government will spend a record 11.21 trillion rupees ($129.54 billion) on infrastructure in the upcoming financial year that begins on April 1, but the increase in planned spending disappointed markets.

The spending plan is slightly higher than the revised 10.18 trillion rupees for the current fiscal year, as per budget documents.

Alongside this, the government has set aside 1.5 trillion rupees for 50-year interest-free loans to states for infrastructure development for 2025-26.

WHY IT'S IMPORTANT

India significantly raised spending on infrastructure after the COVID-19 pandemic, as it tried to boost economic growth and create more jobs in the world's most populous country.

However, the government failed to meet its planned capital spending target of 11.11 trillion rupees in the current financial year.

Growth in Asia's third-largest economy is seen slowing to 6.4% in the current fiscal year, from 8.2% in the previous year, prompting calls for measures to kick-start private investment and job creation.

A failure to create enough well-paying jobs in a country of more than 1.4 billion people, where the majority are under the age of 30, has led to curtailed consumption and investment.

GRAPHIC

KEY QUOTES

"The next year's capex target has seen 10% increase, which will be positive for crowding in private investments," said Sonal Badhan, economist at Bank of Baroda.

"We believe that ~10% growth in capex budget from downward my revised FY25 levels while balancing focus on the fiscal consolidation roadmap is a positive," said Kanika Pasricha, economist at Union Bank of India.

"More importantly, demand stimulus via tax cuts is likely to further help support pickup in private capex recovery even as public capex is hitting absorptive capacity in recent years," Pasricha said.

MARKET REACTION

Stocks of capital goods companies such as Larsen & Toubro LART.NS declined 4%, while Siemens SIEM.NS and BEML BEML.NS fell 5.3% and 1.3% respectively.

($1 = 86.5360 Indian rupees)

(Reporting by Siddhi Nayak; Editing by Varun H K)

(([email protected]; +91 22 6921 7848; Reuters Messaging: X: https://twitter.com/siddhiVnayak))

By Nikunj Ohri and Sarita Chaganti Singh

NEW DELHI, Jan 27 (Reuters) - Indian Prime Minister Narendra Modi is pouring billions into ailing state-run firms after slowing ambitious divestment plans that were intended to reduce the role of the state in business, according to government sources and a document reviewed by Reuters.

Less than a month into 2025, New Delhi has plans to invest about $1.5 billion in financial rescue packages for two state-owned firms after failing to sell them to private companies.

It has also decided to put in "abeyance" privatisation of at least nine state-owned units after opposition from relevant ministries, according to a document that detailed recommendations of a government panel set up to identify privatisation candidates. The document, reviewed by Reuters, did not cite reasons for the decision.

The nine companies include Madras Fertilizers MDFT.NS, Fertilizer Corp of India, MMTC MMTC.NS and NBCC (India) NBCC.NS, the document showed.

Housing and Urban Development Corp HUDC.NS, that was also identified for privatisation, has now been 'exempted' implying it will not be sold, according to the document.

Among the state-owned companies being revived with government funding is helicopter operator Pawan Hans.

The government is planning to infuse around $230 million-$350 million in Pawan Hans to modernise its aging fleet of helicopters after four failed attempts to sell the company, two government sources said.

The amount of infusion is still being finalised as the options being considered for fleet modernisation include both outright acquisition and leasing, one of the sources said.

The sources declined to be identified because of the sensitivity of the issue.

India's finance and civil aviation ministries did not immediately reply to e-mails seeking comment on the privatisation plans or on the Pawan Hans investment.

The fund infusion in Pawan Hans and plans to halt the privatisation of nine firms have not been previously reported.

In 2021, Modi's government announced a major programme to privatise most of India's state-run companies. The plan was so drastic that even in the four sectors that India sees as sensitive, such as telecoms and banking, it wanted to keep only a minimum presence, while exiting from all other sectors.

But now it is planning rescue and revival plans for companies even outside the sensitive sectors.

Last week, the government announced a $1.3 billion plan to revive debt-laden steel producer Rashtriya Ispat Nigam Ltd (RINL).

The government has also allocated 80 billion rupees in 2024/25 for bond repayments of state-run telco MTNL that has seen a series of defaults lately, according to budget documents for the current year.

PRIVATISATION SLOWDOWN

Four years since the privatisation policy was announced, the Modi government has had only three successes, out of which Air India's sale to the Tata Group was the largest. The other two were indirect holdings in steel-maker Neelachal Ispat Nigam Ltd to Tata Steel TISC.NS and Ferro Scrap Nigam to Konoike Transport Co 9025.T.

Other large sales have either been deferred or delayed.

The U-turn in policy was partly driven by the expectation that some large state-owned firms could be overhauled and made more profitable, helping the government earn dividend income, Reuters has reported previously.

Political pressures on Modi have increased after he came back to power in mid-2024 only with the help of regional allies, making it more difficult to overcome opposition to privatisation by employee unions fearing job losses.

The sale of state refiner Bharat Petroleum Corp BPCL.NS was rolled back in 2022 after failing to get suitors. The ongoing privatisation of Shipping Corp of India SCI.NS and BEML BEML.NS has been stuck for years due to complications over transfer of land holdings. The government has also been dragging its feet on the sale of a majority stake in IDBI Bank IDBI.NS.

In previous years, privatisation formed an important part of the government’s plan to reduce its budget gap. But with the federal fiscal deficit seen falling to a more comfortable 4.9% of GDP in the 2024-25 year, the fiscal push for divestment has waned.

New Delhi is expected to miss its internal stake sale target of 180 billion to 200 billion rupees in 2024-25 (April-March) for the sixth straight year. As of January, government has mopped up 86.25 billion rupees via stake sales in 2024/25.

($1 = 86.4250 Indian rupees)

(Reporting by Nikunj Ohri and Sarita Chaganti Singh; Editing by Ira Dugal and Raju Gopalakrishnan)

(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

Dec 26 (Reuters) - Presstonic Engineering Ltd PESS.NS:

• PRESSTONIC ENGINEERING - RECEIVES PURCHASE ORDER FROM BEML WORTH 145.1 MILLION RUPEES

Source text: ID:nNSE5gdFq7

Further company coverage: PESS.NS

(([email protected];;))

Dec 20 (Reuters) - BEML Ltd BEML.NS:

• PRESSTONIC ENGINEERING LTD - RECEIVES PURCHASE ORDER FROM BEML

• PRESSTONIC ENGINEERING LTD - TOTAL ORDER VALUE 22.8 MILLION RUPEES

Source text: ID:nNSE1gZR17

Further company coverage: BEML.NS

(([email protected];))

** Shares of BEML

** Heavy machinery maker gets 1.36 bln rupees ($16 mln)contract from Ministry of Defence for supply of high mobility

vehicles

** Day's gains help boost BEML's YTD gains to 60%

($1 = 84.8510 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected];))

Dec 10 (Reuters) - BEML Ltd BEML.NS:

• BAGGED ORDER FROM THE MINISTRY OF DEFENCE FOR 835.1 MILLION RUPEES

Source text: ID:nNSEb6XbjY

Further company coverage: BEML.NS

(([email protected];))

** Shares of BEML Ltd BEML.NS rise as much as 3.6% to 4,339 rupees

** Heavy machinery maker secures contract from Chennai Metro Rail worth 25.01 bln rupees ($296.1 mln)

** Stock on track to gain for sixth straight day

** Day's gains bring BEML's YTD gains to 51.5%

($1 = 84.4600 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

Nov 20 (Reuters) - BEML Ltd BEML.NS:

• BEML LTD - GOT ORDER WORTH 2.47 BILLION RUPEES

• BEML LTD - ORDER FROM CENTRAL COALFIELDS LIMITED

Further company coverage: BEML.NS

(([email protected];))

Nov 11 (Reuters) - India's BEML BEML.NS reported a 1.5% fall in its second-quarter profit on Monday, hurt by lower demand for its heavy machinery and equipment as manufacturing activity dipped.

The state-owned company makes machinery and products for industries like aerospace, mining, rail and metro and has clients such as Rail Vikas Nigam RAIV.NS, Adani Power ADAN.NS and Chennai Metro Rail.

India's manufacturing activity growth eased in the last two months of the September quarter as demand softened, according to a survey. Overall growth was hurt by a softer rise in new business and orders. nL4N3L2051

BEML's consolidated profit fell to 510.3 million rupees ($6.1 million) in the quarter ended Sept. 30, compared to 517.8 million rupees a year earlier.

The company's revenue from operations fell 6.2% to 8.6 billion rupees, after four quarters of rise.

Cost of materials consumed, which makes up more than half of the total expenses, grew 0.2% in the quarter, while total expenses fell by 7% to 8.2 billion rupees.

BEML executed orders worth 8.11 billion rupees during the quarter, compared with 9.10 billion rupees a year earlier.

Rival railway coach-maker Jupiter Wagons JUWL.NS reported a 9.3% rise in its September-quarter profit.

BEML's shares were down 0.6% after the results. They have risen 47.5% so far this year, while those of Jupiter Wagons have jumped 47.8%.

($1 = 84.3800 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected]; +91 8921483410;))

Oct 15 (Reuters) - BEML Ltd BEML.NS:

• BEML LTD - GETS CONTRACT FROM INTEGRAL COACH FACTORY

• BEML LTD - TOTAL CONTRACT VALUE IS 8.67 BLN RUPEES

• BEML LTD - GETS CONTRACT FOR DESIGN, MANUFACTURING OF HIGH-SPEED RAIL

Source text for Eikon: [ID:]

Further company coverage: BEML.NS

(([email protected];))

Corrects to remove extraneous words in first bullet point

** Defence stocks up; BEML's BEML.NS 3.6% rise is largest

** India's defence ministry approved purchases worth 1.45 trln rupees ($17.27 bln) of military equipment

** Nomura says BEML is among potential beneficiaries of the key order for Future Ready Combat Vehicles; adds that HAL's HIAE.NS aircraft order was in line with its expectation and already factored into estimates

** Antique Stock Broking says state-run defence cos have strong growth opportunity near-to-long term with the approval

** BEML set for best day since Aug. 7

** Shipbuilding stocks had risen on Tuesday on reports that government will approve the defence projects

** Bharat Forge BFRG.NS only one in the pack that is down

* Data from LSEG

($1 = 83.9525 Indian rupees)

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

** Shares of engineering equipment maker BEML BEML.NS are up nearly 3%

** Co partners with Indian Navy for manufacturing and testing of marine equipment and systems

** It also signed a memorandum of understanding with Malaysia's largest rolling stock manufacturer SMH Rail for joint manufacturing and repair of rolling stock for rail and metro

** Stock is up 40% YTD but trails behind Bharat Electronics BAJE.NS and Bharat Dynamics BARA.NS which are up 65.5% and 53% respectively

(Reporitng by Nishit Navin)

(([email protected];))

Aug 21 (Reuters) - BEML Ltd BEML.NS:

• INDIA GOVERNMENT: INDIAN NAVY SIGNS MOU WITH BEML

• INDIA GOVERNMENT: INDIAN NAVY SIGNS MOU WITH BEML TO DRIVE INDIGENISATION OF MARINE EQUIPMENT AND SYSTEMS

Source text for Eikon: [ID:]

Further company coverage: BEML.NS

(([email protected];;))

Aug 5 (Reuters) - BEML Ltd BEML.NS:

• BEML JUNE-QUARTER CONSOL LOSS 704.7 MILLION RUPEES

• BEML JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 6.34 BILLION RUPEES

Source text for Eikon: ID:nBSE8Dv4nJ

Further company coverage: BEML.NS

(([email protected];))

** Nifty infrastructure index .NIFTYINFR extends losses after India budget retains capex outlay

** NIFTYINFR sheds 0.5%, before budget was down 0.2%

** India government retains capex outlay on Tuesday's budget from interim budget announced in Feb 2024

** Infrastructure was widely expected to be among key focus of this budget

** Expected infra focus spurred hopes that capex will be raised, said Kranthi Bathini, Wealthmills Securities

** Construction bellwether Larsen and Toubro LART.NS fall 2.2%

** Wagon makers Titagarh Rail Systems TITG.NS and Texmaco TEXA.NS fall 1.8% and 2.1%

** Road makers Dilip Buildcon DIBL.NS and IRB Infrastructure Developers IRBI.NS down ~1% each

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

July 9 (Reuters) - BEML Ltd BEML.NS:

• BEML LTD- HDFC MUTUAL FUND CUTS STAKE IN CO BY 2.01% TO 5.23%

Source text for Eikon: ID:nBSE7LyZrN

Further company coverage: BEML.NS

(([email protected];))

** Shares of BEML BEML.NS up ~12% to hit a record high at 5,210.2 rupees

** The engineering equipment maker's shares traded in 12 block deals in range of 4,755.75 rupees to 5,471.40 rupees a share, per LSEG data

** Block deals at premium on last close of 4,655.50 rupees

** Stock eyes busiest trading session since March 2021, volumes at 5.9x the 30-day avg

** Five brokerages' avg rating on stock is "Hold", median PT is 3,593 rupees

** Including session's gains, stock is up ~85% YTD vs ~18% rise in the Nifty 500 index .NIFTY500

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** India's rail-linked stocks log sharp early losses while vote count for India elections gets underway

** Analysts say PM Modi-led alliance's early lead in vote count "below expectations", benchmark Nifty 50 .NSEI opened 2% lower on the day .BO

** Wagon makers Texmaco Rail & Engineering TEXA.NS and Titagarh Rail Systems TITG.NS slump 5.7% each

** Railway and metro coaches maker BEML BEML.NS loses 3.2%, Indian railways' financing arm Indian Railway Finance Corp INID.NS drops 3.3%

** TEXA, TITG, BEML and INID added between 4.5%-6.3% in last session, after weekend exit polls predicted landslide victory for Modi

** Infra and manufacturing-linked stocks seen as key beneficiaries of predicted third-term win for Modi, analysts had said

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

** Shares of BEML BEML.NS up 4.8%, trimming some gains after a 5.1% jump earlier in the session

** Engineering equipment maker gets order worth 2.50 bln rupees (about $30 million) from Northern Coal Fields, a unit of state-owned Coal India COAL.NS

** Co set to snap two-session-losing run, if gains hold

** Day's jump takes YTD gains to 37%

($1 = 83.4820 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

** Shares of engineering equipment maker BEML BEML.NS up 13.7% at 3,650 rupees - its highest since early February

** Co posts ~63% rise in march-qtr consol profit, rev from ops up 9%

** Stock eyes busiest trading day since late February, volumes at 6.9x the 30-day avg

** BEML among top five gainers on the Nifty 500 index .NIFTY500 which is down 0.3%

** Including session's gains, stock up 29% so far this year

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Engineering equipment maker BEML's BEML.NS shares up 3.2% at 2,870 rupees

** Brokerage Prabhudas Lilladher starts coverage of company's shares with "buy" rating and PT of 3,345 rupees

** Company in sweet spot to capitalise on "make-in India" theme and country's spending on metro trains, railway and defence - brokerage

** BEML's order book healthy at 124 bln rupees ($1.49 bln) with 8 bln rupees capex planned to ramp up execution - brokerage

** Brokerage estimates revenue/adj PAT CAGR of 16.4%/50.3% over FY23-26, EBITDA margin expansion from 9.3% in FY23 to 13.6% in FY26

** BEML shares up 1% YTD after nearly doubling in 2023

($1 = 83.1259 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

March 7 (Reuters) - Dredging Corporation Of India Ltd DRDG.NS:

• CO & BEML SIGN MOU

• BEML MOU FOR INDIGENOUS DESIGN, DEVELOPMENT, MANUFACTURING OF SPARES FOR DREDGERS

• BEML MOU ALSO FOR JOINT DEVELOPMENT OF MANUFACTURING OF DREDGERS

Source text for Eikon: ID:nNSE8P0W3c

Further company coverage: BEML.NSDRDG.NS

(([email protected];))

** Shares of Bharat Electronics BAJE.NS, Mishra Dhatu Nigam MISR.NS, BEML BEML.NS up between 1.2% and 2.8%

** India's Ministry of Defence said on Monday it signed a deal with the cos to develop fuel and control system for engines

** BAJE had hit record high earlier in session

** BEML, BAJE on track to climb for third consecutive day

** MISR, along with other space-linked stocks, had climbed on Feb. 22 on the Indian government relaxing foreign investment rules

** In the last 12 months, BEML up 171%, MISR climbed 112%, and BAJE rose 120%

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

BENGALURU, Feb 8 (Reuters) - Indian heavy equipment maker BEML BEML.NS reported a modest rise in third-quarter pre-tax profit on Thursday, weighed down by increased input costs.

The state-owned company reported a consolidated profit before tax of 668.5 million rupees ($8.1 million) in the quarter ended Dec. 31, up nearly 1% year-on-year.

Global steel prices were elevated amid high demand, hurting companies which manufacture machinery and equipment, as steel is a key component in their making.

As a result, BEML's raw material costs surged almost 20%, driving up total expenses by 4% to 10.14 billion rupees.

The company also had tax expenses amounting to 186.5 million rupees, which led to its net profit dropping 27% from last year.

It did report any tax expenses in the December-quarter last year.

Companies like BEML benefitted from the Indian government's push for higher capital expenditure in its last full budget in February 2023, before the next general election in this year.

Still, a delay in the company's Mumbai metro rail order hurt the company's revenue, analysts said.

Its revenue climbed a modest 1% to 10.47 billion rupees. BEML did not specify how much of it comes from each segment.

Rival railways coach-maker Jupiter Wagons JUWL.NS also reported a third-quarter profit climb. BEML's peers in the defense equipment manufacturing space Zen Technologies ZETE.NS and Bharat Dynamics BARA.NS also posted profit rises.

Profits for the three companies climbed between 61% and three-fold.

($1 = 82.9725 Indian rupees)

(Reporting by Varun Vyas in Bengaluru; Editing by Varun H K)

(([email protected];))

By Nikunj Ohri

NEW DELHI, Feb 2 (Reuters) - India's government expects to raise between 180 billion and 200 billion rupees ($2.2 billion to $2.4 billion) through the sale of stakes in state-run firms in the fiscal year ending March 31, a top government official told Reuters on Friday.

Prime Minister Narendra Modi's administration moved from the usual practise of setting a stake sale target in its budget announced on Thursday. The government slashed the stake sale target of 510 billion rupees for the current year, and said it would now raise 300 billion rupees through both stake sales and asset monetisation in the fiscal year through March 2024.

Modi's ambition of privatising state-run firms has taken a back seat due to impending elections, but his government has delivered more stake sales than any previous administration.

His government has not set a target for the next fiscal year, ending in March 2025, in a break from usual practice.

Tuhin Kanta Pandey, the top bureaucrat at the Department of Investment and Public Asset Management said New Delhi would receive another 120 billion rupees through asset monetisation in the current fiscal year.

But the government will not "aggressively" launch minority stake sales just because state-run companies' shares are at new highs, he said in an interview.

Pandey said the government will continue to monitor Life Insurance Corp of India's LIFI.NS (LIC) financial and share price performance before pursuing any further share sale.

"LIC shares have just reached its initial public offering (IPO) price and we want retail investors, who subscribed to the IPO, to gain," he said.

The insurer's share price has surged nearly 60% since November, raising expectation of another minority stake sale.

India has been unable to sell its Hindustan Zinc (HZL) shares for the last two years as decisions taken by the company's management have spooked both existing and potential investors, Pandey said.

HZL, in which the state owns a 29.54% stake, had decided to demerge its businesses and that proposal is being currently examined by the government, Pandey said.

The process of privatising state-run companies like Shipping Corp of India SCI.NS and BEML BEML.NS will continue, Pandey said, adding the government plans to list SCI's demerged land company in a month and that will pave the way for privatisation.

($1 = 82.8790 Indian rupees)

(Reporting by Nikunj Ohri; Editing by Alexander Smith)

(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

** Shares of Indian Railway Finance Corp INID.NS, BEML BEML.NS, Texmaco Rail TEXA.NS up between 1% and 4%

** India's Finance Minister says in budget speech 40,000 normal rail coaches to be converted into Vande Bharat standards

** INID and BEML among companies who won Vande Bharat contracts in 2023

** BEML's 3.5% climb the highest with INID and TEXA rising 1.7% and 1.5%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

Jan 8 (Reuters) - BEML Ltd BEML.NS:

• BAGGED ORDERS FROM MINISTRY OF DEFENCE FOR SUPPLY OF MECHANICAL MINEFIELD MARKING EQUIPMENT MARK-II

• ORDER VALUED AT ABOUT 3.3 BILLION RUPEES

Source text for Eikon: ID:nBSE3tcv42

Further company coverage: BEML.NS

(([email protected];))