Bharat Forge rose 1.46% to Rs 726.15 at 12:57 IST on BSE after the company said it opened a research & development facility in MIRA Technology Park, UK.
The announcement was made during trading hours today, 17 January 2018.Meanwhile, the S&P BSE Sensex was up 166.68 points, or 0.48% to 34,937.73.
On the BSE, 52,000 shares were traded in the counter so far, compared with average daily volumes of 2.01 lakh shares in the past two weeks. The stock had hit a high of Rs 729.45 and a low of Rs 701.70 so far during the day. The stock hit a record high of Rs 750 on 5 January 2018. The stock hit a 52-week low of Rs 459.28 on 20 January 2017.
MIRA Technology Park is a leading automotive technology park and enterprise zone in UK. Bharat Forge said it will be developing components and sub-systems focused on electric vehicles.
This facility will complement the capabilities and knowledge established over the past 2 years in Kalyani Centre for Technology & Innovation (KCTI) and Kalyani Centre for Manufacturing Innovation (KCMI) in Pune focused on delivering solutions for electric vehicles.
The Electric Mobility Research and Development Centre will be able to tap into the extensive testing facilities at MIRA Technology Park as well as the pool of engineering talents in the Midlands, the company said in a statement.
Net profit of Bharat Forge rose 60.55% to Rs 203.72 crore on 41.21% rise in net sales to Rs 1258.02 crore in Q2 September 2017 over Q2 September 2016.
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Bharat Forge is a global provider of high performance, innovative, safety & critical components and solutions to various industrial sectors including automotive, railways, power, defence, construction & mining, aerospace, marine and oil & gas.
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