Bharat Forge informed that its wholly-owned subsidiary, Kalyani Strategic Systems (KSSL) has been granted defence license for manufacture of various defence products specially designed for military application at its Jejuri unit.
The license has been granted by the Department for Promotion of Industry & Internal Trade under The Industries (Development and Regulation) Act, 1951. This will allow company to participate in potential defence programs in future by KSSL.The license shall remain in effect in perpetuity, subject to compliance with the terms and conditions specified therein.
Bharat Forge manufactures an extensive array of critical and safety components for several sectors including automobiles (across commercial & passenger vehicle), oil & gas, aerospace, locomotives, marine, energy (across renewable and non-renewable sources), construction, mining and general engineering.
The companys standalone net profit jumped 59.23% to Rs 389.65 crore in the quarter ended 31 March 2024 as compared with Rs 244.52 crore recorded in the quarter ended 31 March 2023.
The scrip declined 0.53% to close at Rs 1,734.15 on Wednesday, 31 July 2024.
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