Bharat Forge gains on getting nod to make additional investment in Kalyani Powertrain
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Bharat Forge is currently trading at Rs. 1114.70, up by 6.80 points or 0.61% from its previous closing of Rs. 1107.90 on the BSE.
The scrip opened at Rs. 1133.75 and has touched a high and low of Rs. 1142.50 and Rs. 1112.55 respectively. So far 21412 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1121.40 on 12-Sep-2023 and a 52 week low of Rs. 677.85 on 29-Sep-2022.
Last one week high and low of the scrip stood at Rs. 1121.40 and Rs. 1063.30 respectively. The current market cap of the company is Rs. 51582.56 crore.
The promoters holding in the company stood at 45.25%, while Institutions and Non-Institutions held 44.59% and 10.16% respectively.
Bharat Forge has received approval for additional investment in Kalyani Powertrain (KPTL). The funds proposed to be infused in KPTL will be invested by KPTL in its wholly owned subsidiary Kalyani Mobility Inc. (KMI). The investment will be completed by September 30, 2023. KPTL is engaged in the EV and e-mobility solutions space. Accordingly, the proposed investment is being undertaken by KPTL in line with its main line of business. The Board of the Company, the Investment Committee (Strategic Business) of the Company, at its meeting held on September 14, 2023, has approved the same.
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.
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