Bharat Forge shares rise as Paramount Group to increase armoured vehicle production in India.
Shares of Bharat Forge were trading higher on September 15 after the company’s United Arab Emirates-based defence business partner Paramount Group said it would increase the production of armoured vehicles through its India-based facility.
The stock was up 0.65% at Rs 1115.45 at 10.15 am on the NSE.
Paramount Group currently produces armoured vehicles in India through a partnership with Bharat Forge’s defence subsidiary Kalyani Strategic Systems. The companies have previously supplied KM4 armoured vehicles to the Indian Army.
The announcement of increased production of armoured vehicles is positive for Bharat Forge as it will boost the company’s defence business. The company is also investing in its other subsidiaries, Kalyani Power Train and Kalyani Mobility.
In its results for the April-June quarter, Bharat Forge reported a 35.98% YoY increase in revenue from operations at Rs 3,877 crore. Net profit for the quarter was up 33.75% YoY at Rs 214 crore.
The company is well-positioned to benefit from the growing demand for defence equipment and vehicles in India and abroad.
Here are some of the key takeaways from the article:
- Bharat Forge shares rose after Paramount Group said it would increase the production of armoured vehicles in India.
- The announcement is positive for Bharat Forge as it will boost the company’s defence business.
- Bharat Forge is also investing in its other subsidiaries, Kalyani Power Train and Kalyani Mobility.
- The company is well-positioned to benefit from the growing demand for defence equipment and vehicles in India and abroad.
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