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Bharat Forge share gains 7% despite reporting loss in Q1

Share price of Bharat Forge touched an intraday high of Rs 442, a gain of 7.03%. Later, the share closed 5.28% higher or Rs 21.80 at Rs 434.75 on BSE

twitter-logoBusinessToday.In | August 12, 2020 | Updated 18:37 IST
Bharat Forge share gains 7% despite reporting loss in Q1
Bharat Forge share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Bharat Forge share price closed higher today despite the firm reporting a loss of Rs 56.31 crore in Q1 against profit of Rs 174 crore in the corresponding period of previous fiscal. The company said it received a tax rebate of Rs 18.95 crore in Q1 of 2020.

Share price of Bharat Forge touched an intraday high of Rs 442, a gain of 7.03%. Later, the share closed 5.28% higher or Rs 21.80 at Rs 434.75 on BSE.

Bharat Forge share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 1.85% in one year but lost 10.05% since the beginning of this year. Total 4.85 lakh shares changed hands amounting to turnover of  Rs 20.80 crore on BSE. Market cap of the firm rose to Rs 20,237 crore on BSE.

Sales fell 68% to Rs 427 crore in June quarter compared with Rs 1,346 crore sales in Q1 of 2019-20.

Drop in revenue was due to shutdown of manufacturing operations in April and May on account of lockdown imposed by the government to control the rising cases of coronavirus, the company said.

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Consolidated EBITDA tumbled 97% to Rs 11.2 crore in Q1 June 2020 over Q1 June 2019. EBITDA margin declined to 1% in Q1 of 2020 from 17.8% in Q1 of 2019.

Meanwhile, Sensex and Nifty ended lower after four sessions on Wednesday, on back of heavy selling pressure in pharma stocks. Sensex ended 37 points lower at 38,369 and NSE Nifty 50 closed 14 points lower at 11,308.

On Tuesday, Sensex ended 244 points higher at 38,407 and Nifty closed 52 points higher at 11,322.

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