Shares of this defence stock under the ‘large-cap’ category hit its fresh 52-week high mark on Friday after receiving an order from a UAE-based company to produce armoured vehicles. In the last six months, the company’s stock has jumped more than 40 percent.
With a market capitalization of Rs 52,178.01 crores, the stocks of Bharat Forge Limited opened their trading hour on Friday at Rs 1,133.75 and currently trade at Rs 1,120.90.
The scrip observed an intra-day high price, also recorded as the company’s fresh 52-week high price, of Rs 1,142.50 exhibiting a gain of around 3 percent compared to the previous close of Rs 1,107.90 apiece.
The company, via a regulatory filing with the Bombay Stock Exchange (BSE) dated 14th September 2023, announced a couple of updates.
Firstly, the company’s Board of Directors (BOD) approved additional investment in ‘Kalyani Powertrain Limited’ (KPTL). The funds infused by Bharat Forge in the company will further be invested in its step-down subsidiary named ‘Kalyani Mobility Inc.’ (KMI). Both companies are involved in the ‘EV and e-mobility’ business.
In addition to the above, the company, along with Kalyani Strategic Systems, received an order from Paramount, the leading global technology & aerospace company headquartered in the UAE, to produce a wide range of armoured vehicles in India for Paramount’s global customers.
During the past couple of financial quarters, the company has observed huge improvements as far as the operating revenues and net profits are concerned.
The operating revenues took an upward shift from Rs 3,629.05 crores during Q4FY22-23 to Rs 3,877.27 crores during Q1FY23-24, and, the net profits, in congruence with the pattern, moved up from Rs 128.24 crores to Rs 211.19 crores during the same time horizon.
The company’s shareholding data, as per the quarter ending June 2023, represented the Promoters holding a 45.25 percent stake, and, the Foreign Institutional Investors (FIIs) holding a 15.79 percent stake in the company.
Bharat Forge Limited is a multinational company based in India that is engaged in the business of metal forging. The company has operations in a wide range of segments including oil and gas, automotive, power, rail, and many more.
Written by Amit Madnani
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