Auto components major Bharat Forge shares jump nearly 6% after Q1 earnings

Shares of auto components major Bharat Forge on Thursday jumped nearly 6 per cent after the company posted a consolidated net profit of Rs 153 crore for the first quarter ended June 30.

The stock zoomed 5.62 per cent to close at Rs 827.45 on the BSE. During the day, it gained 8 per cent to its 52-week high of Rs 846.60.

On the NSE, it rallied 5.72 per cent to close at Rs 827.50.

In traded volume terms, 7.11 lakh shares were traded at the BSE and 1.57 crore units at the NSE during the day.

The company had reported a consolidated net loss of Rs 127 crore in the April-June quarter of the 2020-21 fiscal.

Revenue from operations rose to Rs 2,108 crore in the June quarter as against Rs 1,154 crore in the year-ago period, Bharat Forge said in a regulatory filing.

The company during the quarter managed to deliver a solid across the board performance despite challenges posed by the Covid lockdown and subsequent impact on economic activity in India," Bharat Forge Chairman Managing Director BN Kalyani said.

During the quarter, the company completed the acquisition of Sanghvi Forgings at a cost of Rs 77.06 crore, he added.