Bharat Forge fixes July 7 as record date for dividend, shares payment date

Bharat Forge on Wednesday said it has fixed July 7 as the record date for the final dividend of FY23. This means board of directors of Bharat Forge will determine name of the eligible shareholders for dividend on July 7. All eligible company shareholders with their names in the list at the end of record date will be eligible to receive dividend. Bharat Forge said the payment of dividend, if approved at the 62nd AGM of the company to be held on August 10, will be made on or after August 18.

To recall, the board Bharat Forge had on May 5 recommended a final dividend of Rs 5.50 at the rate of 275 per cent per equity share having face value of Rs 2 each.

Bharat Forge had reported a fall of 7 per cent in standalone net profit at Rs 245 crore for the March quarter. It reported standalone net profit of Rs 262 crore in the year-ago period.

Bharat Forge’s standalone revenue from core operations rose 19.3 per cent to Rs 1,997 crore for the fourth quarter ended March 2023 as compared to Rs 1,674 crore a year ago. Other income of the company fell to Rs 39 crore as against Rs 66.1 crore, a year ago.

Analysts noted that the demand momentum for the company's commercial vehicle portfolio (41 per cent of standalone sales) moderated with potential downside risks, even though production levels/order backlogs were sustaining. Considering the lukewarm CV outlook and general emerging macro challenges in key markets, they see limited upside potential on the counter.

At 11 pm, the stock was trading at Rs 825.85 on BSE, down 0.36 per cent. The stock has an average target of Rs 878, which suggest 6 per cent potential upside ahead.

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