You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Bharat Forge gains on collaboration with Paramount Group for armoured vehicles

Capital Market 

Bharat Forge rose 1.80% to Rs 598.80 after the company announced an agreement with Paramount Group for production of armoured vehicles in India.

In a stock exchange filing made after market hours on Monday, the engineering & technology conglomerate 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.

Paramount Group makes a broad range of highly advanced armoured and mine protected vehicles that are in operation around the world. These vehicles have been designed and developed to meet the ever-changing demands of the global battlefield.

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 IED threats. Bharat Forge intends that the 'Kalyani M4' will see service with the Indian Armed Forces in the very near future. It successfully completed a series of extreme vehicle trials in some of the toughest environments in India.

Amit Kalyani, deputy managing director, Bharat Forge said, "This collaboration brings together the manufacturing and technology excellence of two leading companies, which have matching synergies and complementary capabilities. The Kalyani M4 is a fantastic new generation vehicle, and we want to position it as the 'future of protection' in all markets world-wide."

Ivor Ichikowitz, Chairman of Paramount Group stated: "All of our technologies have been developed with portable production in mind. The Kalyani M4 is based on one of our flagship armoured vehicles designed specifically for in-country production in India with our partners the Kalyani Group."

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.

Powered by Capital Market - Live News

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

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, February 23 2021. 09:23 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU