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Bharat Forge climbs after order win

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Bharat Forge rose 2.33% to Rs 601.9 after the company said it has received a Rs 177.95-crore order from the Indian Ministry of Defence for supplying Kalyani M4 vehicles under emergency procurement.

The Kalyani M4 is a multi-role platform, designed to meet the specific requirements of armed forces for quick mobility in rough terrain and in areas affected by mine and improvised explosive devices (IEDs) threats. It successfully completed a series of extreme vehicle trials in some of the toughest environments in India.

In a stock exchange filing made after market hours on Monday, Bharat Forge and Paramount Group, a global aerospace and technology company, announced a cooperation that will see them join the technologies, capabilities and expertise of both groups in order to manufacture armoured vehicles in India.

An agreement to this effect was signed by both companies during the International Defence Expo (IDEX 2021) held in Abu Dhabi.

Bharat Forge is a technology driven global provider critical components and solutions to various industrial sectors including automotive, railways, power, construction & mining, defence, aerospace, marine and oil & gas.

Bharat Forge reported a consolidated net loss of Rs 210.44 crore in Q3 FY21 as against net profit of Rs 40.43 crore in Q3 FY20. Revenue from operations fell 6% YoY to Rs 1723.11 crore during the quarter.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, February 23 2021. 10:57 IST
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