Bharat Forge hits all-time high

Bharat Forge rose 2.99% to Rs 1,311.75 at 14:45 IST on BSE after a foreign brokerage upgraded the stock to buy from sell.

Meanwhile, the S&P BSE Sensex was up 26.30 points or 0.09% at 29,030.96.

On BSE, so far 1.48 lakh shares were traded in the counter as against average daily volume of 1.63 lakh shares in the past two weeks.

The stock hit a high of Rs 1,315 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1,288 so far during the day. The stock had hit a 52-week low of Rs 362.85 on 26 February 2014.

A foreign brokerage reportedly upgraded Bharat Forge to buy from sell and also revised its target price upwards citing greater clarity on aerospace and defence segments, reduced fears of a sharp negative impact of global oil & gas slowdown, orders from high-end European Union car OEM and recovery in Indian MHCVs.

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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