BEML has signed a Memorandum of Understanding (MoU) with IRCON International to explore and address opportunities in the overseas market by synergizing each other’s strengths for large infrastructure projects in the transportation sector.

This MoU is aimed at promoting supply of BEML manufactured rolling stock as well as construction equipment for Railway projects outside India wherein IRCON will carry out civil and construction work as well as facilitate design validation for rolling stock of BEML to address export opportunities together.

No financial details of this MoU was mentioned but the markets were happy.

BEML has closed on Friday at Rs.973 and today, it opened at Rs.982.70, going up to an intraday high at Rs.996.95. It is currently traded at Rs.991 levels, with volumes of some 16,000 shares. Market cap is at Rs.4130 crore.