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Bharat Forge gains 3% on reports August US class 8 truck sales rise 6% MoM

The supply of components to truck-makers accounts for nearly 41 per cent of its revenues. Of these, approximately 12 per cent revenue comes from North American truck sales.

SI Reporter  |  New Delhi 

Illustration by Ajay Mohanty
Illustration by Ajay Mohanty

Shares of auto-component suppliers like Bharat Forge, GNX Axles, and Ramkrishna Forgings were trading higher on the NSE in the morning deals on Thursday after US data showed increase in North America class 8 truck orders.

Bharat Forge, which is the main supplier of US class 8 trucks in India, rallied up to 3.3 per cent to trade at Rs 394.8 apiece.

The supply of components to truck-makers accounts for nearly 41 per cent of its revenues. Of these, approximately 12 per cent revenue comes from North American truck sales.

Shares of other component suppliers, too, gained in the trade. Ramkrishna Forgings rallied up to 8.2 per cent intra-day to trade at Rs 296.5 apiece, while GNA Axles added 2.5 per cent to trade at Rs 237.8 per share.

The North America class 8 truck orders grew 6.3 per cent sequentially in August to 10,414 units. The order, however, slipped 80 per cent on a year-on-year basis, data provided by FTR, an international freight intelligence unit show.

At 10:40 am, was trading 3 per cent higher at Rs 393.85, as against a 0.59 per cent rise in benchmark Nifty50. GNA Axles, meanwhile, was trading 0.4 per cent higher, and Ramkrishna Forgings was up 6.88 per cent.

First Published: Thu, September 05 2019. 10:42 IST
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