Bharat Forge rose 4.58% to Rs 494 at 15:05 IST on BSE after net profit jumped 137.57% to Rs 118.98 crore on 38.53% growth in total income to Rs 963.12 crore in Q4 March 2014 over Q4 March 2013.
The result was announced during market hours today, 27 May 2014.
Meanwhile, the BSE Sensex was down 199.18 points, or 0.81%, to 24,517.70
On BSE, so far 1.88 lakh shares were traded in the counter, compared with an average volume of 65,046 shares in the past one quarter.
The stock hit a 52-week high of Rs 500.05 in intraday trade today, 27 May 2014. The stock hit a low of Rs 462.25 so far during the day. The stock hit a 52-week low of Rs 185.55 on 6 August 2013.
The stock had outperformed the market over the past one month till 26 May 2014, rising 13.37% compared with 8.94% rise in the Sensex. The scrip also outperformed the market in past one quarter, rising 26.38% as against Sensex's 17.77% rise.
The large-cap auto component company has an equity capital of Rs 46.56 crore. Face value per share is Rs 2.
On a consolidated basis, Bharat Forge's net profit surged 101.36% to Rs 498.53 crore on 29.59% growth in total income to Rs 6841.02 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
In its press release, Bharat Forge said that performance in FY14 has been encouraging with robust operating leverage and cash flows despite sub optimal utilization levels in India caused by significant weakness in the Commercial Vehicle segment. The uncertain demand environment which prevailed during FY14 is beginning to change positively especially in the external markets and we expect both North America and Europe to grow in FY15. The domestic market might witness demand recovery in second half of FY15, Bharat Forge said.
The highlight of the year is the series of order wins across segments 81 geographies from new and existing customers and our investments in R&D delivering path breaking solutions to our marquee customers placing us at the forefront to capture demand revival, Bharat Forge said.
Bharat Forge said that the company is witnessing strong momentum going into FY15 with topline growth expected to outpace the underlying market growth in all geographies driven by market share gains and new programs coming on stream. Looking ahead into Q1 FY15, the company anticipate demand to be slightly higher compared to Q1 FY14 & Q4 FY14.
Bharat Forge's board of directors at its meeting held on today, 27 May 2014 has recommended a final dividend of Rs 2.50 per share.
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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