Bharat Forge surges after its arm enters into business transfer agreement to acquire ISML’s SEZ Unit
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Bharat Forge is currently trading at Rs. 887.05, up by 7.50 points or 0.85% from its previous closing of Rs. 879.55 on the BSE.
The scrip opened at Rs. 884.95 and has touched a high and low of Rs. 891.95 and Rs. 878.90 respectively. So far 20385 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. 891.95 and Rs. 832.90 respectively. The current market cap of the company is Rs. 41344.27 crore.
The promoters holding in the company stood at 45.25%, while Institutions and Non-Institutions held 44.01% and 10.72% respectively.
Bharat Forge’s step-down subsidiary -- J S Auto Cast Foundry India (JS Auto) has entered into Business Transfer Agreement with Indo Shell Mould (ISML) for acquiring their SEZ Unit in SIPCOT, Erode. The SEZ Unit with a capacity of 42,000 MTPA, supplies fully machined critical castings to marquee customers in the automotive industry and will operate as the 3rd manufacturing unit of JS Auto. This takes the capacity at JS Auto to 1,42,000 MTPA.
This acquisition strengthens JS Auto’s presence in the castings sector, expands the product offering & client base and enhances its footprint in the Indian manufacturing landscape. The acquisition will be EPS accretive from the 1st year itself.
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.
