Bharat Forge gained 4.27% to Rs 736.25 at 12:07 IST on BSE after net profit spurted 77.4% to Rs 228.17 crore on 47.4% rise in total revenues to Rs 1390.55 crore in Q3 December 2017 over Q3 December 2016.
The result was announced during market hours today, 8 February 2018.Meanwhile, the S&P BSE Sensex was up 433.56 points, or 1.28% to 34,520.46.
More than usual volumes were witnessed on the counter. On the BSE, 1.24 lakh shares were traded in the counter so far, compared with average daily volumes of 89,495 shares in the past one quarter. The stock had hit a high of Rs 751 and a low of Rs 701 so far during the day. The stock had hit a record high of Rs 755 on 24 January 2018. The stock had hit a 52-week low of Rs 479.10 on 8 February 2017.
The stock had underperformed the market over the past one month till 7 February 2018, dropping 3.96% compared with 0.21% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 1.29% as against Sensex's 2.13% rise. The scrip had, however, outperformed the market in past one year, jumping 43.99% as against Sensex's 20.28% rise.
The large-cap company has equity capital of Rs 93.12 crore. Face value per share is Rs 2.
Despite sharp increase in commodity prices, manufacturing costs and appreciation of the rupee earnings before interest, tax, depreciation and amortization (EBITDA) margin rose 0.8% to 29.6% in Q3 December 2017 compared with Q3 December 2016 driven by better product mix and enhanced productivity.
Separately, company announced strategic investment of upto Rs 30 crore for eventual stake of 45% in an EV startup, Tork Motorcycles. The investment is a part of its overall E-Mobility powertrain development.
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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