Fourth-quarter slump hits Bharat Forge

DALAL STREET SPIKES

Bharat Forge plummeted 5.28 per cent on Tuesday after the company's fourth quarter results fell below market expectations.

The company for the quarter ended March 31, 2004, registered a 21 per cent jump in net profit which was way below expectations, said analysts. While the over all weakness led to a crash in the stock, the selling was purely on the basis of disappointing results, they added.

The stock was extremely volatile in a range of Rs 810 and Rs 712 before closing at Rs 741.40. The counter witnessed a thin volume of 17,013 shares on the BSE.

The general expectation was that the company would register a growth of more than 35 per cent in net profit.

BFL reported a net profit to Rs 36.23 crore for the quarter ended March 31, 2004, as against Rs 30.01 crore in the same quarter last year.

For the full year ended March 2004), the company posted a net profit of Rs 124.90 crore compared with a net profit of Rs 81.09 crore in financial year 2003.