Bharat Forge rose 0.94% to Rs 947.70 at 14:43 IST on BSE after the company said its German subsidiary has acquired 100% equity shares of Mecanique Generale Langroise.
The announcement was made during market hours today, 2 January 2015.
Meanwhile, the S&P BSE Sensex was up 333.99 points or 1.21% at 27,841.53.
On BSE, so far 47,000 shares were traded in the counter as against average daily volume of 1.05 lakh shares in the past one quarter.
The stock hit a high of Rs 959.65 and a low of Rs 939 so far during the day. The stock had hit a record high of Rs 1,015.80 on 5 December 2014. The stock hit a 52-week low of Rs 319 on 3 January 2014.
The stock had outperformed the market over the past one month till 1 January 2015, sliding 1.14% compared with the Sensex's 3.68% fall. The scrip had also outperformed the market in past one quarter, surging 15.71% as against Sensex's 3.54% rise.
The large-cap company has equity capital of Rs 46.56 crore. Face value per share is Rs 2.
Bharat Forge (BFL) said that its German subsidiary CDP Bharat Forge GmbH, acquired 100% equity shares of Mecanique Generale Langroise (MGL). This acquisition is largely focused on further consolidating BFL position in the oil & gas space by enhancing service offerings and geographical reach. This also brings BFL closer to its customers and increases the value addition provided to them, BFL said. This is the first among many opportunities the company is looking at addressing in North America, North Sea area & Middle East, BFL said in a statement.
Commenting on the acquisition, Mr. Baba N Kalyani, CMD, Bharat Forge said, "The acquisition of MGL is in line with our strategy of moving up the value chain in the industrial business. This acquisition enhances BFL's ability to provide turnkey solution and simultaneously strengthens the product offering in the oil & gas sector".
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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