Print   Close

Bharat Forge share rises over 5% after firm wins order from defence ministry

BusinessToday.In     February 23, 2021

Share of Bharat Forge rose over 5 per cent on Tuesday after the company won an order worth Rs 178 crore. Bharat Forge received an order worth Rs 177.95 crore from the Ministry of Defence for supply of Kalyani M4 vehicles.

The firm inked a pact with global aerospace and technology firm Paramount Group to manufacture armoured vehicles in the country.

The stock touched an intraday high of Rs 620, rising 5.41% against the previous close. Bharat Forge stock has gained after three days of consecutive fall. The stock opened with a gain of 3.71% on BSE.

Share Market Highlights: Sensex, Nifty end tad higher; ONGC, L&T, Sun Pharma, NTPC, TCS top gainers

It trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. The share has gained 25.43% in one year and 15.7% since the beginning of this year.  Later, the stock ended 3.36% or Rs 19.75 higher at Rs 607.95.

Market cap of the firm rose to Rs 28,305 crore on BSE.

"This collaboration brings together the manufacturing and technology excellence of two leading companies, which have matching synergies and complementary capabilities. The Kalyani M4 is a fantastic new generation vehicle, and we want to position it as the future of protection in all markets world-wide," Bharat Forge Deputy Managing Director Amit Kalyani said on Monday.

Kalyani M4 is a multi-role platform, designed to meet the specific requirements of armed forces for quick mobility in rough terrain and in areas affected by mine and IED threats

URL for this article :
@ Copyright 2019 India Today Group.