Bharat Forge gains on stake hike

LIC has raised its stake in Bharat Forge by 2.02% via purchase of 47.12 lakh shares in the open market

Shares of Bharat Forge have gained nearly 3% to quote at Rs 812 on the Bombay Stock Exchange (BSE) after state-owned Life Insurance Corporation (LIC) raised its stake in Bharat Forge by 2.02% via purchase of 47.12 lakh shares in the open market.

LIC, which earlier held 5% stake, increased its shareholding in the components maker to 7.02%.

Bharat Forge is a Pune-based Indian multinational company involved in automotive, power, oil and gas, construction & mining, locomotive, marine and aerospace industries.

Shares of Bharat Forge opened at Rs 801 and touched a high of Rs 815 on the BSE. A total of 42,916 shares changed hands on the BSE so far.