Bharat Forge surges on signing MoU with Paramount Group
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Bharat Forge is currently trading at Rs. 851.60, up by 16.30 points or 1.95% from its previous closing of Rs. 835.30 on the BSE.
The scrip opened at Rs. 835.35 and has touched a high and low of Rs. 858.20 and Rs. 835.30 respectively. So far 20614 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. 39782.22 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 and global aerospace and technology company, Paramount Group have signed a Memorandum of Understanding (MoU) for the development and production of Composite Rotor Blades, Mission Systems and Stores Management systems for Medium Lift Helicopters at Aero India.
This MoU with Paramount is a testimony of Bharat Forge’s commitment to work for an ‘Atmanirbhar Bharat’, to create technologies that are niche and shall support Indian and Global requirements. This collaboration will focus on creating the ‘Centre of Excellence’ for design, development and manufacture of Composite Rotor Blades, Mission Systems and Stores Management systems for Rotary Wing platforms, in India. This design and manufacturing hub shall support all future programs for both India and across the globe.
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.
