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Shares of Bharat Gears soared 20 per cent to Rs 167.30 on the BSE in Tuesday’s intra-day trade. The stock of this auto ancillary company turned ex-date of 1:2 bonus issue and traded close to its record high level of Rs 173 (adjusted to bonus shares) per share, that it had touched on September 16.
Bharat Gears revised the record date for bonus issue of equity shares of the company to September 28 from September 13 to determine members entitled for the bonus equity shares in the ratio of 1:2, i.e. 1 bonus share of Rs 10 each, for every 2 shares held in the company on the record date.
At 02:23 pm; the stock was up 19.7 per cent at Rs 166.85, as compared to 0.19 per cent rise in the S&P BSE Sensex. A combined 1.3 million equity shares changed hands on the NSE and BSE.
In the past one month, the stock surged 44 per cent, as against 3 per cent decline in the S&P BSE Sensex. Moreover, in the past three months, it zoomed 80 per cent, as compared to 8 per cent rise in the benchmark index.
“Since the shares of the company are freely traded on the stock exchange; the company is unable to comment on the share price movement. There is no material relevant information/event having a bearing on the operations/performance of the company which requires disclosures as per regulation,” Bharat Gears had said on September 15.
Bharat Gears is one of the largest gear manufacturing companies in India with a 5-decade long history of manufacturing engineering goods for automotive and industrial applications.
The company has a leading presence in India and exports substantial portions of its production to North American and European markets. The company has three manufacturing locations; two in the state of Maharashtra, which comprises of Mumbra, Thane and Lonand, Satara and another in Faridabad, Harayana.
The management is cautiously optimistic of growth in Indian markets for automotive components, agricultural machinery and construction equipments. The company has also expanded its international presence over the years, which will help it in dealing with stresses in specific economies and pivot to high growth countries.
“The emerging growth segments such as Electric Vehicles (EV), small utility machines for small-holding agricultural lands, and heavy construction machinery for mega infrastructure projects will be in our sight for product innovation and portfolio expansion,” Bharat Gears said in its FY22 annual report.
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First Published: Tue, September 27 2022. 14:53 IST