Bharat Forge shares drop 1.02% as Sensex falls
Bharat Forge Ltd. traded 1.02 per cent down at Rs 957.25 at 01:56PM (IST) on Thursday, even as BSE benchmark Sensex dropped 389.28 points to 65606.53. The stock had closed at Rs 967.1 in the previous session.
The stock quoted a 52-week high price of Rs 977.6 and 52-week low of Rs 677.85, respectively. As per BSE data, total traded volume on the counter till 01:56PM (IST) stood at 75387 shares with a turnover of Rs 723.0 crore. At the prevailing price, shares of the company traded at 63.38 times its trailing 12-month earnings per share of Rs 15.09 per share and 5.35 times its price-to-book value, BSE data showed.
A higher P/E ratio shows investors are willing to pay a higher share price today because of growth expectations in the future. Price-to-book value indicates the inherent value of a company and reflects the price investors are ready to pay even for no growth in the business. The stock's Beta value, which measures its volatility in relation to the broader market, stood at 1.45.Shareholding Details Promoters held 45.25 per cent stake in the company as of 30-Jun-2023, while FIIs owned 15.79 per cent and DIIs 20.28 per cent.Technicals On the technical charts, the relative strength index (RSI) of the stock stood at 69.13.
The RSI oscillates between zero and 100. Traditionally, it is considered overbought condition when the RSI value is above 70 and oversold condition when it is below 30. Chartists say, RSI should not be seen in isolation, as it may not be sufficient to take a trading call, just the way fundamental analysts cannot give a'buy' or'sell' recommendation using a single valuation ratio.
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