Bharat Forge rises on getting nod to invest upto Rs 33 crore in Kalyani Powertrain
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Bharat Forge is currently trading at Rs. 1031.00, up by 4.20 points or 0.41% from its previous closing of Rs. 1026.80 on the BSE.
The scrip opened at Rs. 1032.90 and has touched a high and low of Rs. 1040.00 and Rs. 1023.95 respectively. So far 6092 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1147.95 on 18-Sep-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. 1040.00 and Rs. 1002.70 respectively. The current market cap of the company is Rs. 48002.19 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 has received approval from the Investment Committee (Strategic Business) of the Company to make additional investment in Kalyani Powertrain (KPTL). KPTL is engaged in the EV and e-mobility solutions space. Accordingly, the proposed investment by the Company in KPTL is in furtherance of KPTL’s main line of business as an investment for setting up manufacturing lines to supply EV Components through KPTL’s subsidiaries.
The Company shall subscribe to 3,30,00,000 equity shares of face value Rs 10 each of KPTL for an aggregate investment not exceeding Rs 33 crore. The investment will be completed by November 30, 2023. The Investment Committee (Strategic Business) of the Company, at its meeting held on November 01, 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.
