Bharat Forge rose 1.48% to Rs 1,124.05 at 9:32 IST on BSE after the company's subsidiary signed pact with Israel's Aerospace Industries to build new maintenance centre in India for selected advanced air defense systems.
The announcement was made after market hours yesterday, 6 July 2017.Meanwhile, the S&P BSE Sensex was down 45.26 points, or 0.14% to 31,324.08.
On the BSE, 19,000 shares were traded in the counter so far, compared with average daily volumes of 67,136 shares in the past one quarter. The stock had hit a high of Rs 1,130.25 and a low of Rs 1,115.05 so far during the day. The stock hit a 52-week high of Rs 1,220.45 on 8 June 2017. The stock hit a 52-week low of Rs 716.70 on 4 August 2016.
The stock had underperformed the market over the past one month till 6 July 2017, falling 8.48% compared with 0.31% rise in the Sensex. The scrip had outperformed the market in past one quarter, rising 3.83% as against Sensex's 5.60% rise. The scrip had also outperformed the market in past one year, rising 49.21% as against Sensex's 15.32% rise.
The large-cap company has equity capital of Rs 46.56 crore. Face value per share is Rs 2.
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Bharat Forge announced that its subsidiary, Kalyani Strategic Systems and Israel Aerospace Industries have signed a new memorandum of understanding (MoU) addressed to expand the joint venture that the companies are establishing. The new MoU covers the establishment of a maintenance center for selected advanced air defence systems at Hyderabad in Telengana. The two companies have also agreed on expanding their joint operations for development, manufacturing and marketing of precise ammunition systems. In February 2017, Israel Aerospace Industries has inked an MoU with Kalyani Strategic Systems (KSSL) on establishing a joint venture that will develop, build, market and manufacture selected Air Defence Systems and light-weight special purpose munitions, in accordance with the Indian Government's 'Make in India' policy.
Net profit of Bharat Forge rose 25.32% to Rs 207.50 crore on 11.31% rise in net sales to Rs 1125.66 crore in Q4 March 2017 over Q4 March 2016.
Bharat Forge is a technology driven global leader in metal forming having transcontinental presence across ten manufacturing locations, serving several sectors including automotive, power, oil and gas, construction & mining, rail, marine and aerospace.
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