Bharat Forge announced an agreement with the Paramount group for the manufacture of armored vehicles in India. Image: Reuters
The Bharat Forge share price jumped 3.7% to Rs 610 each on BSE on Tuesday, after receiving an order worth Rs 177.95 crore from the Defense Ministry. The company has received the order for protected vehicles as part of the emergency procurement for the supply of Kalyani M4 vehicles. Bharat Forge shares peaked at Rs 676.10 in 52 weeks at the start of 2021. So far during the trading session a total of 1.22 lakh shares have traded hands on BSE , while on the National Stock Exchange 28.77 lakh shares have traded so far. According to an analyst, the recent order won by Bharat Forge from the Ministry of Defense is extremely positive news and is a testament to Bharat Forge’s manufacturing capabilities.
Also read: RIL’s stock price up 2%, Sensex’s top contributor on the O2C news hive biz; Morgan Stanley sees 12% rally
AR Ramachandran, co-founder and trainer, Tips2Trade, told The Bharat Express News Online, technically, after a decent correction, Rs 583 will act as strong support for buyers. “Closing above 631 could trigger another strong uptrend for this stock,” Ramachandran added. From a level of 52, the Bharat Forge share price is down nearly 10%. On Monday, Bharat Forge announced an agreement with Paramount Group for the manufacture of armored vehicles in India. This agreement was signed by the two companies during the International Defense Expo held in Abu Dhabi. The company said the Kalyani M4 will see service in the Indian Armed Forces in the very near future. “The Kalyani M4 has successfully completed a series of extreme vehicle tests in some of India’s toughest environments,” the company said.
National research and brokerage firm Emkay Global Financial Services has assigned a “buy” rating to the stock with a target of Rs 760, which implies an increase of nearly 30% from the previous close. Analysts at the brokerage firm believe that there is significant potential for segments such as Defense, Aerospace, E-mobility and Rail in the medium term. “Bharat Forge’s leading position in automotive forgings, the focus on diversification and potential cyclical recovery in core segments support our positive view,” analysts said. In addition, Bharat Forge revenue is expected to increase 46% in FY22, thanks to a strong rebound in the automotive and industrial segments.
(The stock recommendations in this article are made by the respective research and brokerage firm. The Bharat Express News Online assumes no responsibility for their investment advice. Please consult your investment advisor before investing.)
Get live stock quotes for BSE, NSE, US market and latest net asset value, mutual fund portfolio, see latest IPO news, top performing IPOs , calculate your tax by income tax calculator, know the best market winners, the best losers and the best equity funds. Like us on Facebook and follow us on Twitter.
The Bharat Express News is now on Telegram. Click here to join our channel and stay up to date with the latest news and updates from Biz.