Q3 numbers fail to cheer Bharat Forge

DALAL STREET SPIKES

Bharat Forge hit a high of Rs 797 before closing at Rs 770.95, down by 1.17 per cent. More than 21,406 shares were traded on the BSE.

The counter lost ground on selling pressure even though it reported better than expected third quarter results, according to market sources.

The company reported a net profit growth of 54.5 per cent at Rs 33.01 crore as against Rs 21.36 crore in the previous quarter. The selling was attributed to profit taking after a sustained rise in the last few months.

Bharat Forge's board of directors has, meanwhile, approved a rights issue of equity shares with warrants.

The rights issue would comprise an issue of equity shares for an amount not exceeding Rs 150 crore with warrants attached for an amount not exceeding Rs 150 crore.

This would be within the overall limit for raising long-term resources of up to Rs 350 crore approved earlier.