Bharat Forge shares hit record high, cross Rs 1,400 mark for first time; here’s why

Shares of Bharat Forge Ltd hit a record high on Wednesday after the auto equipment firm reported its Q4 earnings. Bharat Forge stock zoomed 16.63% to a record high of Rs 1446.55 in the current session. Later, the stock closed 13.54% higher at Rs 1408.10. The stock crossed the Rs 1,400 mark for the first time on an intraday and closing basis.  In a year, the stock has gained 80.83% and gained 13% since the beginning of this year. Total 4.57 lakh shares of the firm changed hand amounting to a turnover of Rs 61.84 crore. Market cap of the firm climbed to Rs 65,547 crore on BSE. 

Net profit climbed 59.3 percent on-year rise to Rs 389.6 crore in the last quarter against Rs 244.5 crore in Q4. Revenue rose 16.6 percent to Rs 2,328.5 crore in Q4 from Rs 1,997.3 crore last year.

EBITDA (earnings before interest, taxes, depreciation and amortisation) for Q4 came at Rs 659 crore compared to Rs 522.8 crore in the previous fiscal. Margins in Q4 rose to 28.3 percent against 24.4 percent in Q4FY23.

In terms of technicals, the relative strength index (RSI) of Bharat Forge stands at 56.6, signaling neither the stock is overbought nor trading in the oversold zone. The stock has a one-year beta of 0.8, indicating very low volatility during the period. Bharat Forge stock stands higher than the 5 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.  

Pune-based Bharat Forge provides components and solutions to various sectors, including automotive, railways, defence, construction and mining, aerospace, marine and oil and gas.