Bharat Forge rises as its arm incorporates wholly owned subsidiary
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Bharat Forge is currently trading at Rs. 618.35, up by 3.50 points or 0.57% from its previous closing of Rs. 614.85 on the BSE.
The scrip opened at Rs. 627.60 and has touched a high and low of Rs. 627.60 and Rs. 611.40 respectively. So far 11520 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 848.00 on 10-Nov-2021 and a 52 week low of Rs. 555.60 on 19-Apr-2021.
Last one week high and low of the scrip stood at Rs. 669.25 and Rs. 595.85 respectively. The current market cap of the company is Rs. 28629.04 crore.
The promoters holding in the company stood at 44.76%, while Institutions and Non-Institutions held 43.54% and 11.69% respectively.
Bharat Forge’s wholly owned subsidiary -- Kalyani Strategic Systems (KSSL) has incorporated wholly owned subsidiary namely ‘Sagar-Manas Technologies’ (SMTL). SMTL has been incorporated pursuant to a Joint Venture Agreement (Agreement) executed between KSSL and Open Joint Stock Company Dastan Transnational Corporation (Dastan) with an aim to participate in joint upgradation and manufacturing/ providing solutions for marine and defence products which will be undertaken through SMTL as a special purpose vehicle.
Dastan, a Kyrgyzstan entity, is a leading multipurpose enterprise engaged in the development, manufacturing, sale of defence equipment, electronic devices, medical centrifuges, etc. Upon completion of conditions as envisaged in the agreement, Dastan will acquire 49% of stake in SMTL. Consequently, KSSL will hold 51 % and Dastan will hold 49% equity in SMTL.
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.
