Bharat Forge inches up as its arm signs MoU with Rolls-Royce Marine North America
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Bharat Forge is currently trading at Rs. 863.05, up by 0.90 points or 0.10% from its previous closing of Rs. 862.15 on the BSE.
The scrip opened at Rs. 869.95 and has touched a high and low of Rs. 874.20 and Rs. 861.50 respectively. So far 16838 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 919.50 on 15-Dec-2022 and a 52 week low of Rs. 595.85 on 08-Mar-2022.
Last one week high and low of the scrip stood at Rs. 910.00 and Rs. 811.80 respectively. The current market cap of the company is Rs. 40287.38 crore.
The promoters holding in the company stood at 45.25%, while Institutions and Non-Institutions held 44.15% and 10.59% respectively.
Bharat Forge’s wholly owned subsidiary -- Kalyani Strategic Systems (KSSL) has signed a Memorandum of Understanding (MOU) with Rolls-Royce Marine North America for the development of naval propulsion systems for the Indian market.
Under the agreement, KSSL will collaborate with Rolls-Royce for the design and development, licensed manufacturing, pre-sales and sales support, installation, commissioning, testing, and aftermarket services and support of the propulsion systems. This would facilitate the creation of a local supply chain ecosystem in India for Controllable Pitch Propellers and Shafting systems as required by the Indian Navy.
Bharat Forge is engaged in manufacturing of close die and open die forging, crankshafts, front axle beams, steering knuckle, connecting rods, rocker arm and many more components.
