Bharat Forge tanks as foreign brokerage maintains underperform rating

Bharat Forge slumped 5.05% to Rs 1,097.20 at 15:21 IST on BSE on reports a foreign brokerage maintained its underperform rating on the stock citing weak export outlook for the company.

Meanwhile, the S&P BSE Sensex was down 43.44 points or 0.16% at 26,479.65.

On BSE, so far 4.16 lakh 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 1,156 and a low of Rs 1,006.30 so far during the day. The stock had hit a 52-week low of Rs 538.75 on 16 June 2014. The stock had hit a record high of Rs 1,362.90 on 6 April 2015.

The stock had underperformed the market over the past one month till 8 June 2015, falling 6.01% compared with Sensex's 2.15% fall. The scrip had also underperformed the market in past one quarter, sliding 10.57% as against Sensex's 9.94% fall.

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

Bharat Forge's net profit rose 70.8% to Rs 203.18 crore on 32.3% growth in net sales to Rs 1195.36 crore in Q4 March 2015 over Q4 March 2014.

Bharat Forge (BFL), the Pune based Indian multinational and part of Baba Kalyani Group, is a technology driven global leader in metal forming, having a transcontinental presence across nine manufacturing locations, serving several sectors including automotive, power, oil and gas, construction & mining, locomotive, marine and aerospace.

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