Buy Bharat Forge, target price Rs 900: Nuvama Wealth brokerage

economictimes.indiatimes.com:

Bharat Forge with a target price of Rs 900. The current market price of Bharat Forge is Rs 836.55.

Nuvama Wealth brokerage recommended to keep stoploss at Rs 807. Bharat Forge, incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 38960.46 Crore) operating in Auto Ancillaries sector.

Bharat Forge key Products/Revenue Segments include Steel Forgings, Scrap, Export Incentives, Job Work, Wind Mills for the year ending 31-Mar-2022.Financials For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 3686.85 Crore, up 8.76 % from last quarter Total Income of Rs 3389.95 Crore and up .84 % from last year same quarter Total Income of Rs 3656.05 Crore. Company has reported net profit after tax of Rs 128.24 Crore in latest quarter. Investment Rationale Stock has given a breakout from a Bullish Cup and Handle formation indicating bullish momentum.Promoter/FII Holdings Promoters held 45.25 per cent stake in the company as of 31-Mar-2023, while FIIs owned 16.17 per cent, DIIs 27.55 per cent.