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Bharat Forge has gained over 22 per cent since the beginning of August on signs of recovery in Europe and the US, and of medium and heavy commercial vehicle (CV) sales. Expectations of orders from the defence sector, for artillery guns especially, also helped boost sentiment.
Brokerages have highlighted some improvement in Indian passenger and commercial vehicles market, which could help improve supplies to automakers.
The immediate trigger for the company would be the increase in heavy duty truck orders (Class 8 trucks) in North America, which account for a fifth of its standalone revenues. These orders were up 65
