Bharat Forge rose 2.56% to Rs 767.95 at 15:08 IST on BSE after the company's joint venture company signed a contract worth $ 219 million with NTPC for supply of steam generator.
The announcement was made after market hours yesterday, 7 June 2016.Meanwhile, the S&P BSE Sensex was up 25.24 points or 0.09% at 27,034.91
On BSE, so far 1.13 lakh shares were traded in the counter as against average daily volume of 75,769 shares in the past one quarter. The stock hit a high of Rs 773 and a low of Rs 758.50 so far during the day. The stock had hit a 52-week low of Rs 705 on 24 May 2016. The stock had hit a 52-week high of Rs 1,292.50 on 20 August 2015. The stock had underperformed the market over the past one month till 7 June 2016, falling 4.03% compared with 7.06% gains in the Sensex. The scrip also underperformed the market in past one quarter, falling 8.35% as against Sensex's 9.59% gains.
The large-cap company has equity capital of Rs 46.56 crore. Face value per share is Rs 2.
Alstom Bharat Forge Power (ABFPL), the joint venture company between GE and Bharat Forge, has signed a contract worth $219 million (about Rs 1495 crore) with NTPC. The joint venture company will supply two units of 800 megawatts (MW) ultra-supercritical steam turbine generator islands, on engineering, procurement and construction (EPC) basis, along with related civil work for the Telangana Super Thermal Power Project Phase-1 near Ramagundam, Telangana. The equipment for the project will be manufactured majorly at ABFPL's manufacturing facility at Sanand, Gujarat.
ABFPL was created to participate in the Indian market of turbines islands (steam turbines and generators, heat exchangers and all associated equipment). GE has a majority stake in this joint venture. The join venture company manufactures 300-800 MW subcritical and supercritical equipment with an annual capacity of 4000 MW.
Bharat Forge's net profit fell 19% to Rs 164.52 crore on 17.4% decline in net sales to Rs 987.07 crore in Q4 March 2016 over Q4 March 2015.
Bharat Forge is the flagship company of Kalyani Group. It is a global provider of high performance, innovative, safety & critical components and solutions to various industrial sectors including automotive, oil & gas, power, construction & mining, aerospace and rail & marine.
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