BEML shares rose nearly 3% in morning trade on February 21 after the company signed a contract with the Delhi Metro Corporation for the Bahrain Metro Rail Project.

At 9:18 am, BEML was trading at Rs 1,433 on the BSE, up Rs 29, or 2.07%.

BEML signed a Memorandum of Understanding (MoU) on February 20 with Delhi Metro Corporation (DMRC)-led dedicated vehicles shortlisted for phase one of the Bahrain Metro project, BEML said in a press release.

As part of the agreement, BEML will be responsible for manufacturing and supplying the metro vehicles, and DMRC will provide expertise in project development, budgeting and facilitating contractual obligations.

The company said this would allow BEML to leverage its manufacturing expertise and technology to optimise business operations for urban mass transit vehicles and expand globally.

Last week, the company signed several agreements at Aero India 2023 with organisations such as Bharat Electronics, Indian Navy, and R&DEE – a DRDO out for the technology transfer agency and Hexagon Technologies.

In the quarter that ended December 2022, the company posted a 15.5% drop in its third-quarter net profit to Rs 66.3 crore, compared to Rs 78.51 crore in December 2021. Its revenue fell 8.5% to Rs 1,036.97 crore in December 2022 from Rs 1,133.09 crore.