The Bharat Forge stock has shed 25 per cent over the past month, to its lowest levels this year, on worries of a slowdown in heavy-commercial-vehicle sales in the North American market, as well as non-automobile segment demand.
The stock has crossed and closed above immediate hurdle of 1260 zones and looks strong to head towards 1315 and 1350 levels. It has seen huge buying interest in last couple of trading sessions and holding well above its 50 DMA.
Bharat Forge (BFL) today recorded a jump of 34.73% in net profit at Rs 195 for the first quarter ended as on June 30, 2015, the company said in a filing to BSE. The company's net profit stood at Rs 144.97 crore in the same quarter of the previous fiscal.
Bharat Forge appears to be on course to become a Rs 7,000-crore company by FY18. Even as standalone net sales are marginally below the Street's estimates, the company remains optimistic about FY16, as it expects demand to be robust across its key markets.
Shares of Bharat Forge have dipped nearly 5% to Rs 1,228, falling 8% from intra-day high on the NSE, after the company said demand in the current quarter (April-June) slightly muted compared to previous quarter.
The Bharat Forge stock extended its gains over the past three days to eight per cent on a multi-year supply contract with Boeing and Kalyani Group’s joint venture with Israel’s Rafael Advanced Defense Systems.
Shares of Bharat Forge were trading higher by 3.5% at Rs 1,265 on NSE after the company announced it has signed a multi-year contract with Boeing Commercial Airplane to supply titanium forgings for wing components for the Next-Generation 737 and 737 MAX.