Tuesday, August 09, 2005

Bharat Earth Movers gets fork-lifted on second public issue proposal

Bharat Earth Movers is currently up 3.2% to Rs 690 on volumes of 58,855 shares.

It has touched an intra-day high of Rs 700 in early trades. The stock
has rocketed sharply from Rs 595.85 on 6 May 2005 to Rs 700.4 on 16
May 2005 on sustained buying interest. The stock more than doubled
from Rs 338.5 on 3 January 2005.

Bharat Earth Movers informed BSE that a meeting of the board of
directors of the company will be held on 2 June 2005, to consider
increase in the authorised capital of the company and to deliberate on
making a public issue.

Bharat Earth Movers is hopeful of getting an order worth Rs 1,000
crore from the Sri Lankan government. The company earlier this month
participated in the bidding process for rebuilding parts of the Sri
Lankan rail network destroyed by the December 2004 tsunami. The
company has a healthy order book position, which stood at Rs 2,003
crore as on 31 March 2005.

Bharat Earth Movers is a Government of India engineering PSU. For Q4
ended 31 March 2005, net profit rocketed 560% to Rs 123.62 crore from
Rs 18.71 crore in the corresponding quarter a year ago. Total income
during the same period jumped 38.7% at Rs 807.18 crore from Rs 581.97
crore a year ago.



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