Bharat Forge shares gain over 3% ahead of board meet to raise funds 

Shares of Bharat Forge surged over 3% in early deals today after the firm said its board would hold a meeting on August 8 to consider raising of funds. The company will also announce its Q1 earnings on Thursday. Bharat Forge stock rose 3.56% to Rs 1606.15 today against the previous close of Rs 1550.90 on BSE. Market cap of the firm climbed to Rs 72,075 crore. 

"In the Board Meeting scheduled on Thursday, August 08, 2024, the Board shall also consider raising of funds by way of issue of equity shares or any other securities convertible into equity shares or a combination of such securities by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, debt issue, preferential issue or any other method as may be permitted by applicable laws, subject to such regulatory/statutory approvals as may be required," said the firm in a communication to bourses. 

Total 0.21 lakh shares of the firm changed hands amounting to a turnover of Rs 3.27 crore. The stock fell to a 52-week low of Rs 887.55 on August 9,2023 and a 52 week high of Rs 1826.20 on June 21, 2024. 2024. 

Bharat Forge stock is trading neither in the overbought nor in the oversold zone, signals its relative strength index (RSI) which stands at 38.9. Bharat Forge shares are trading lower than the 5 day, 10 day, 20 day, 50 day but higher than the 100 day, 150 day and 200 day moving averages. 

Bharat Forge shares have delivered 69% and 119% returns in one and two years, respectively. 

Bharat Forge is a global provider of safety and critical components and solutions to various sectors including automotive, railways, defense, construction and mining, aerospace, marine, and oil and gas. Its segments include Forgings, Defense, and Other.