Bharat Forge gains as its arm signs agreement to acquire 51% stake in Zorya Mashproekt India
Bharat Forge is currently trading at Rs. 1174.35, up by 9.50 points or 0.82% from its previous closing of Rs. 1164.85 on the BSE.
The scrip opened at Rs. 1165.15 and has touched a high and low of Rs. 1180.00 and Rs. 1165.15 respectively. So far 8652 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1185.90 on 05-Dec-2023 and a 52 week low of Rs. 744.00 on 10-Apr-2023.
Last one week high and low of the scrip stood at Rs. 1185.90 and Rs. 1155.55 respectively. The current market cap of the company is Rs. 54611.22 crore.
The promoters holding in the company stood at 45.25%, while Institutions and Non-Institutions held 44.40% and 10.34% respectively.
Bharat Forge’s wholly-owned subsidiary -- Kalyani Strategic Systems (KSSL) has signed Share Subscription Agreement to acquire 51% stake in Zorya Mashproekt India (ZMI) through itself and/or its affiliate/ nominee.
The object of acquisition is to create indigenous capabilities for design, manufacturing, maintenance repair and overhaul including spare support for all types of gas turbines. The acquisition will be completed by December 31, 2023.
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.
