Bharat Forge rose 2.17% to Rs 813.65 at 11:52 IST on BSE after the company said it has entered into a contract with Boeing for developing and manufacturing 777X titanium forgings.
The announcement was made during market hours today, 26 April 2016.Meanwhile, the S&P BSE Sensex was up 7.43 points or 0.03% at 25,686.36.
On BSE, so far 78,000 shares were traded in the counter as against average daily volume of 75,075 shares in the past one quarter. The stock hit a high of Rs 816.65 and a low of Rs 785.50 so far during the day. The stock had hit a 52-week high of Rs 1,332 on 20 May 2015. The stock had hit a 52-week low of Rs 720.65 on 12 February 2016. The stock had underperformed the market over the past one month till 25 April 2016, sliding 10.2% compared with Sensex's 1.35% rise. The scrip had also underperformed the market in past one quarter, declining 2.09% as against Sensex's 4.87% rise.
The large-cap company has equity capital of Rs 46.56 crore. Face value per share is Rs 2.
The titanium forgings will be developed and manufactured by Bharat Forge using a closed die forging process, the company said. The first two forgings are scheduled to begin shipping to Boeing in late 2016, and will be followed by two more forgings in early 2017, the company said. Bharat Forge said it has started supplying titanium forged flap tracks for the Boeing Next Generation 737 airplane earlier this year. The company will also supply forgings for the 737 MAX, scheduled to enter service in 2017.
Bharat Forge's net profit fell 15.4% to Rs 166.16 crore on 9.9% decline in net sales to Rs 1029.35 crore in Q3 December 2015 over Q3 December 2014.
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Bharat Forge is the flagship company of the $3 billion Kalyani Group and a global provider of high performance, innovative, safety & critical components and solutions to various industrial sectors including automotive, oil & gas, power, construction & mining, aerospace and rail & marine.
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