The shares of the leading forging company gained up to 2 percent after the company announced an additional investment of USD 40 million in its wholly-owned subsidiary.
Bharat Forge Ltd has a market capitalization of Rs 79,270.17 crore, the shares were trading in green at Rs 1,703.65 per share, increasing around 0.45 percent as compared to the previous closing price of Rs 1,696.35 apiece.
The shares of the company have seen positive movement after Bharat Forge Ltd announced an additional investment of USD 40 million in Bharat Forge America Inc., a wholly-owned subsidiary of the company. The investment is made for BFAL’s capital expenditure for the aluminum forging facility and is in furtherance of BFAL’s main line of business. The investment will be finalized by June 21, 2024.
Looking forward to Bharat Forge Ltd’s financial performance, revenue soared by 14 percent, from Rs 3,629 crore in Q3 FY23 to Rs 4,164 crore in Q3 FY24. During the same period, net profit magnified significantly by 77 percent, from Rs 128 crore to Rs 227 crore.
In 2024, the company has secured new orders worth Rs 1,350 Crores across automotive & industrial applications. This includes a healthy mix of existing and new customers across traditional & new products.
The stock has given a return of 39.38 percent in just six months and a multi-bagger return of 106.04 percent in a year. If an individual invested Rs 1 lakh a year ago, it would now be worth Rs 2.06 lakh.
Bharat Forge Limited is an Indian-based global producer of safety and vital components and solutions to a variety of industries, including automotive, railroads, defense, construction and mining, aerospace, marine, and oil and gas. Forgings and Others are among the company’s business segments.
Written by:- Abhishek Singh
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