Bharat Forge soars on infusing funds in Bharat Forge Global Holding GmbH
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Bharat Forge is currently trading at Rs. 1138.80, up by 5.95 points or 0.53% from its previous closing of Rs. 1132.85 on the BSE.
The scrip opened at Rs. 1131.35 and has touched a high and low of Rs. 1145.45 and Rs. 1125.55 respectively. So far 15391 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1330.00 on 12-Feb-2024 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. 1157.15 and Rs. 1100.00 respectively. The current market cap of the company is Rs. 53221.44 crore.
The promoters holding in the company stood at 45.25%, while Institutions and Non-Institutions held 44.54% and 10.21% respectively.
Bharat Forge has infused funds in Bharat Forge Global Holding GmbH (BFGH), a wholly owned subsidiary of the Company. This amount will then be invested by BFGH into Bharat Forge Holding GmbH (BFH) for subsequent investment in Bharat Forge Aluminiumtechnik GmbH (BFAT), a wholly owned subsidiary of BFH.
BFAT is engaged in the manufacturing and supply of aluminium components for automotive industry. Accordingly, the investment by the Company in BFGH for further proposed investment in BFH and subsequent proposed investment in BFAT is in furtherance of BFAT’s main line of business. The investment will tentatively be completed by February 29, 2024. Euro 15 million (Rs 133.58 crore) will be invested in the form of Capital Reserve.
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.
