Bharat Forge Limited (BFL), through its E -Mobility subsidiary, Kalyani Powertrain Limited, inaugurated its first ‘E-bike’ manufacturing facility at MIDC Chakan in Pune on 08th March 2023.
The facility has a production capacity of 60,000 units per annum and is scalable to 100,000 units per annum. It will undertake the assembly of E-bikes for Tork Motors Private Limited, 64.29% owned by Kalyani Powertrain Limited.
The stock opened its trading session at Rs 844 and is currently trading at Rs 825 which represents a downfall of 2.3 percent. As compared to the previous closing price, the stock showed a downward trend of about 1.2 percent to the current levels. On a contrasting note, the stock gained and provided its stakeholders with a return of around 5 percent within a timeframe of 6 months.
Based on this, Prabhudas Lilladher maintained its ‘buy’ rating on Bharat Forge with a target price of Rs 1000. The current market price of the stock is Rs 824.5 which makes it an upside of around 21 percent.
Bharat Forge Limited is a technology-driven global leader in metal forming, having a transcontinental presence across ten manufacturing locations. It serves several sectors including automotive, power, oil and gas, construction & mining, locomotive, etc.
Part of the Kalyani Group, BFL today is the world’s largest forging company with manufacturing facilities spread across India and various other countries. It has the largest repository of metallurgical knowledge in the region and offers full-service supply capability to its geographically dispersed customers from concept to product design, engineering, manufacturing, testing, and validation.
Having a quick glance at the financials of the company, the Revenues have gone up from Rs 3,076 crores in Q2 v/s Rs 3,353 crores in Q3. Net profits, on a contrasting note, have shown a decrease from Rs 142 crores in Q2 v/s Rs 109 crores in Q3.
In addition to the above parameters, the promoter’s shareholding has remained stable at 45.25 percent. On the other hand, FIIs shareholding pattern has shown some movement, it decreased from 19.3 percent in Q2 v/s 17.8 percent in Q3.
Written by Amit Madnani
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