Bharat Forge has surged 5% to Rs 349, also its 52-week high on the BSE, after the company said its indirect subsidiary in Hong Kong has shed its 51.85% stake in its Chinese joint venture FAW Bharat Forge (Changchun) Company Ltd in favour of its joint venture partner China FAW Corporation Ltd for $28.208 million (Rs 175 crore).
The divestment will have a positive impact on the company’s cash flows and profitability on a consolidated basis, Bharat Forge said in a statement.
Since the launch of the joint venture in 2006, Bharat Forge had in phases invested Rs 178 crore in four tranches in the joint venture, which has now ended, it added.
At 1040 hours, a combined 518,818 shares changed hands on the counter against an average around 400,000 shares that were traded daily in past two weeks on the BSE and NSE.
The divestment will have a positive impact on the company’s cash flows and profitability on a consolidated basis, Bharat Forge said in a statement.
Since the launch of the joint venture in 2006, Bharat Forge had in phases invested Rs 178 crore in four tranches in the joint venture, which has now ended, it added.
At 1040 hours, a combined 518,818 shares changed hands on the counter against an average around 400,000 shares that were traded daily in past two weeks on the BSE and NSE.
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