Company's new initiatives and plans to offset weak oil and gas revenues may take time to play out
On the sectoral front, the Nifty Metal index skid 1.7 per cent, followed by the Nifty FMCG index declined 1.5 per cent
The firm reported a consolidated net loss of Rs 210.45 crore in the third quarter ended December 31, 2020
Ashok Leyland, Bharat Forge and Tata Motors from the auto index were down in the range of 3 per cent to 4 per cent.
Nifty Auto index has jumped 8 per cent on a year-to-date basis in 2021
That is significantly higher indigenisation than the 50 per cent required for "Make in India" projects
Rebound in oil and gas vertical, passenger vehicle volume growth are other triggers
Primary trend of the Bharat Forge stock is positive where its price is trading above all important moving averages
The management said consolidated quarterly weak financials reflect the full impact of Covid-19 lockdown on the company's overseas manufacturing operations in Europe and North America
Company decides not to give an outlook as customers turn cautious amid worries of a second Covid-19 wave
Among the private banking names, IndusInd Bank has been trading in a congestion zone and its chart pattern is showing the potential of a breakout in near future
Some of the gains could be offset by weak India business and the oil and gas vertical
The stock of Bharat Forge has formed a strong base and has started making a higher top and higher bottom formation on the daily chart
The stock of UPL is making a higher top and higher bottom formation on the daily chart which indicates every decline will attract fresh buying interest from lower levels
Benefits will be restricted to Rs 2 crore per exporter from Sep 1 to Dec 31, and may be discontinued from Jan 1, 2021
Profits of Bharat Forge, Bajaj Auto and Balkrishna Industries will also be hit
"The quarter gone by was impacted by the Covid-19 pandemic and the stringent measures adopted by countries to control the spread," the company said.
After a weak Q1, sales likely to pick up in key segments, barring oil and gas
The company had posted a consolidated profit of Rs 171.9 crore in April-June period of the previous fiscal, Bharat Forge said in a filing to the BSE
PSUs, such as BEL, are already seeing good order flows