Bharat Forge treads up on acquisition reports

DALAL STREET SPIKES

The Bharat Forge scrip was up 4.59 per cent to Rs 350.55 as compared with its previous close of Rs 335.15. 405,898 shares were traded on BSE on Friday.

The company, on 22 September 2005 had announced about their Swedish acquisition Imatra Kilsta AB, Sweden along with its wholly owned subsidiary

Scottish Stampings, Scotland. The scrip did not react favourably then and fell by 5 per cent in a weak market. However, the stock bounced back in the last two days on renewed buying interest.

Bharat Forges is a major supplier of forged & machined auto components across the globe. BFL's net profit jumped 44 per cent to Rs 48.91 crore (Rs 34 crore) per cent to Rs 363.51 crore (Rs 256.79 crore) for the quarter ended June 2005.