Bharat Forge drops on profit booking

Bharat Forge lost 2.4% to Rs 400.35 at 11:07 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was up 219.65 points or 1.02% at 21,733.52.

On BSE, so far 41,000 shares were traded in the counter as against average daily volume of 58,389 shares in the past one quarter.

The stock was volatile. The stock lost as much as 3.09% at the day's low of Rs 397.50 so far during the day. The stock rose as much as 0.68% at the day's high of Rs 413 so far during the day. The stock had hit a 52-week high of Rs 413.15 on Thursday, 6 March 2014. The stock had hit a 52-week low of Rs 185.55 on 6 August 2013.

The stock had outperformed the market over the past one month till 6 March 2014, surging 20.06% compared with the Sensex's 5.92% rise. The scrip had also outperformed the market in past one quarter, jumping 35.67% as against Sensex's 2.46% rise.

The mid-cap company has equity capital of Rs 46.56 crore. Face value per share is Rs 2.

Shares of Bharat Forge had rallied 7.41% in three trading sessions to settle at Rs 410.20 on Thursday, 6 March 2014 from a recent low of Rs 381.90 on 3 March 2014.

Bharat Forge's net profit jumped 97.7% to Rs 93.97 crore on 22.4% growth in net sales to Rs 808.62 crore in Q3 December 2013 over Q3 December 2012.

Bharat Forge, the flagship company of Kalyani Group, is a global forgings conglomerate. It is the largest exporter of auto components from India and leading chassis component manufacturer in the world.

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