Bharat Forge extends recent gains

Bharat Forge rose 2.08% to Rs 1,274 at 12:25 IST on BSE, with the stock extending recent gains triggered by the company signing a multi-year contract with Boeing Commercial Airplane.

Meanwhile, the S&P BSE Sensex was down 133.95 points or 0.45% at 29,328.32.

On BSE, so far 80,000 shares were traded in the counter as against average daily volume of 1.04 lakh shares in the past one quarter.

The stock hit a high of Rs 1,275.80 and a low of Rs 1,228.60 so far during the day. The stock had hit a record high of Rs 1,280.70 yesterday, 19 February 2015. The stock had hit a 52-week low of Rs 359.90 on 19 February 2014.

The stock had outperformed the market over the past one month till 19 February 2015, surging 22.54% compared with Sensex's 4.25% rise. The scrip had also outperformed the market in past one quarter, jumping 35.99% as against Sensex's 5.1% rise.

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

Shares of Bharat Forge have risen 4.11% in two trading sessions from Rs 1,223.65 on 18 February 2015, after the company after market hours on 18 February 2015, said it has signed a multi-year contract with Boeing Commercial Airplane to supply titanium forgings for wing components for the next-generation 737 and 737 MAX. The stock had risen 2% to settle at Rs 1,248.10 yesterday, 19 February 2015. Under the agreement with Boeing, Bharat Forge will begin supplying pre machined forgings from its facilities in Pune and Baramati to Boeing during Q1 June 2016.

Bharat Forge's net profit surged 108.9% to Rs 196.34 crore on 41.2% growth in net sales to Rs 1142.09 crore in Q3 December 2014 over Q3 December 2013.

Bharat Forge is a global provider of high performance, innovative, safety & critical components and solutions to various industrial sectors including automotive, oil & gas, aerospace and rail marine.

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