Defense Ministry’s Rs. 178 crores worth order causes nearly 4% spike in Bharat Forge share prices

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After the reception of an order worth Rs 177.95 from the Ministry of Defense, a jump of 3.7% was witnessed in the share prices of Bharat Forge making it Rs 610 per share on the BSE on Tuesday. A 52-week high of Rs 676.10 was hit by Bharat Forge shares at the start of 2021. The order received is for protected vehicles coming under Emergency Procurement for the supply of Kalyani M$ vehicles. The analysts say that this order is a matter of celebration and testament to the manufacturing capabilities of Bharath Forge. In the season, so far, a total of 1.22 lakh shares have been exchanged on BSE while 28.77 lakh shares have been traded on NSE.

According to the co-founder of Tips2Trade, closing above 631 could trigger a strong uptrend in stock and Rs 583 will act as strong support to buyers. The Bharath Forge prices are 10 percent down from their 52-week high.  Bharath Forge had signed an agreement will Paramount Group to manufacture armored vehicles in India and said that the Kalyani M$ will very shortly service with the Indian armed forces. They have claimed that Kalyani M$ has completed extreme vehicle trails in some of the toughest terrains and environments in India. Implying nearly an upside of 30% from the previous close, Domestic firm Emkay global financial services has given a ‘buy’ rating to the stock with a target of Rs. 760. There is a lot of potential for segments like as Defense, Aerospace, E-mobility, and Railways in the medium term. The analyst said that revenue growth of around 46% is what is expected at the moment for Bharat Forge, in the FY22E, driven by a strong rebound in automotive and industrial segments.

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