Bharat Forge share price hits 52-week high as defence arm bags export orders worth ₹850 crore
Bharat Forge share price touched new 52-week high on Monday's trading session after the company's defence arm, Kalyani Strategic Systems Ltd received two export orders worth ₹850 crore. Bharat Forge share gained over 2% on Monday's session. Bharat Forge stock opened at ₹978.85 apiece on BSE, and hit intraday high of ₹991.30 and low of ₹967.80.
According to the company's exchange statement, its wholly-owned defence arm received two export orders totalling EUR 93.87 million (about ₹850 crores) from friendly nations for the delivery of parts and armoured vehicle chassis to be carried out over an 18-month period. This depends on receiving the required government approvals. Pune-based leading forging firm, Bharat Forge reported a 34% year-on-year increase in consolidated net profit at ₹213.73 crore in the June quarter.
Consolidated revenue from operations was at ₹3,877.27 crore as against ₹2,851.46 crore in the year-ago period. Also Read: Bharat Forge Q1 results: Net profit rises to ₹213.73 crore On the technical front, as per trendlyne data, Bharat Forge stock price rose 32% and underperformed its sector by 31.5% in the past year. "Bharat Forge stock has been forming a higher top higher bottom structure and is in an uptrend.
In the recent upmove, volumes have increased and the RSI oscillator is indicating continuation of this trend. Bharat Forge Ltd share price can rally towards ₹1050 in the short term. The support is placed around ₹935," said Ruchit Jain, Lead Research Analyst at 5paisa.
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