Bharat Forge was up 3.09% to Rs 456.90 at 12:35 IST on the BSE after the company said that its subsidiary has received a $100 million contract from RAFAEL Advanced Defense Systems.
The announcement was made during market hours today, 11 July 2019.
Meanwhile, the S&P BSE Sensex was up by 225.69 points, or 0.59% to 38,782.73.
On the BSE, 70,000 shares were traded in the counter so far compared with average daily volumes of 78,000 shares in the past two weeks. The stock had hit a high of Rs 460.70 and a low of Rs 445.95 so far during the day. It hit a 52-week high of Rs 692.50 on 10 September 2018 and a 52-week low of Rs 430.55 on 19 June 2019.
Bharat Forge announced that Kalyani Rafael Advanced Systems (KRAS), its step-down subsidiary, has received the contract for manufacturing 1,000 BARAK-8 MRSAM missiles' kits, which in turn would be supplied to Bharat Dynamics (BDL) for further integration.
KRAS is a 49:51 ratio joint venture between RAFAEL Advanced Defense Systems and Kalyani Strategic Systems (KSSL), with the Indian partner holding 51%. KSSL is a 51% subsidiary of Bharat Forge.
Bharat Forge's net profit rose 85.2% to Rs 299.51 crore on a 13.8% rise in the net sales to Rs 1668.60 crore in Q4 March 2019 over Q4 March 2018.
Bharat Forge (BFL) is a global leader in metal forming, serving several sectors including automotive, power, oil and gas, construction & mining, rail, marine and aerospace.
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