Bharat Forge rose 6.82% to Rs 992.80 at 14:43 IST on BSE after a foreign brokerage initiated its coverage on the stock with a 'buy' rating.
Meanwhile, the BSE Sensex was up 84.90 points, or 0.31%, to 27,543.28.
On BSE, so far 1.80 lakh shares were traded in the counter, compared with an average volume of 1.02 lakh shares in the past one quarter.
The stock hit a high of Rs 998.80 and a low of Rs 933 so far during the day. The stock hit a record high of Rs 1,015.80 on 5 December 2014. The stock hit a 52-week low of Rs 319.30 on 28 January 2014.
The stock had underperformed the market over the past one month till 9 January 2015, sliding 1.83% compared with 1.22% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 15.32% as against Sensex's 3.08% rise.
The large-cap company has an equity capital of Rs 46.56 crore. Face value per share is Rs 2.
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The brokerage cited robust growth outlook, strong franchise and diversified business mix as key reasons for the stock's upgrade.
Bharat Forge's net profit rose 81% to Rs 174.49 crore on 35% growth in net sales to Rs 1108.88 crore in Q2 September 2014 over Q2 September 2013.
Bharat Forge is a global provider of high performance, innovative, safety & critical components and solutions to various industrial sectors including automotive, oil & gas, aerospace and rail marine.
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