Bharat Forge rose 1.91% to Rs 665.70 at 11:49 IST on BSE after the company said it took a strategic stake in electric vehicle company, Tevva Motors (Jersey).
The announcement was made at the fag end of the trading session yesterday, 12 June 2018. Shares of Bharat Forge rose 0.78% to Rs 653.20 yesterday, 12 June 2018.Meanwhile, the S&P BSE Sensex was up 129.52 points, or 0.36% to 35,822.04.
On the BSE, 30,000 shares were traded in the counter so far compared with average daily volumes of 41,000 shares in the past two weeks. The stock had hit a high of Rs 668.20 and a low of Rs 653.60 so far during the day. The stock hit a record high of Rs 799.65 on 1 March 2018. The stock hit a 52-week low of Rs 526.50 on 28 June 2017.
Bharat Forge announced a strategic investment of 10 million in Tevva Motors (Jersey) (Tevva), a company incorporated and registered under the Companies (Jersey) Law 1991 carrying out its operations from Chelmsford, UK. Tevva provides electric powertrain solutions for commercial vehicles & buses in the 7.5 -14 T weight category. This is soon to be extended for the development of new commercial vehicles, especially trucks and buses.
By virtue of this investment, Bharat Forge has also acquired a license for commercialisation of the Tevva technology within India and for strengthening its research and development activities in the e-mobility space.
The investment helps position Bharat Forge at the forefront in the fast-growing EV market to identify technology trends and co-develop solutions for electric mobility in India and abroad. Bharat Forge aims to create a range of products to complement the requirements of original equipment manufacturer (OEMs), thereby growing its revenue per vehicle.
Net profit of Bharat Forge declined 51.65% to Rs 100.33 crore on 30.29% rise in net sales to Rs 1466.61 crore in Q4 March 2018 over Q4 March 2017.
Bharat Forge is a technology driven global leader in metal forming having transcontinental presence across ten manufacturing locations, serving several sectors including automotive, power, oil and gas, construction & mining, rail, marine and aerospace.
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