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.
- 22 Sep
NBCC shares trade higher on Rs 100 crore work order from SAIL
NBCC shares were trading 3 percent higher on September 22 after the company announced having bagged a work order worth Rs 100 crore from SAIL. This is the fourth order-win announced by the company in this month, the total value of the same being Rs 450 crore. NBCC is a public sector undertaking engaged in the business of construction and real estate development. The company specializes in providing project management, consultancy and engineering services for civil construction, infrastructure development, and real estate projects.
- 22 Sep
Glenmark Pharma stock falls on stake sale in Glenmark Life Sciences
Glenmark Pharma stock fell after the company announced it would sell a 75% stake in its subsidiary Glenmark Life Sciences to Nirma. Analysts expect the stake sale to benefit Glenmark Pharma, as it will transition from a net debt position to a cash surplus position. This is expected to have a positive impact on the company's return ratios over the next two to three years.
- 22 Sep
Berger Paints Shares Hit 52-Week High After Turning Ex-Bonus
Berger Paints shares surged 6% to hit a 52-week high after turning ex-bonus on the record date for the issue of bonus shares in the ratio 1:5. The company posted a net profit of Rs 326.3 crore in the April-June quarter of FY24, up 39% year-on-year, on revenue of Rs 2,739.7 crore, up 10% year-on-year. The company expects to get net cash positive by the end of this fiscal year and expects to end the year with double-digit revenue growth on strong demand outlook.
- 22 Sep
Market Update for September 22, 2023
IdeaForge Tech up 3.4% on order RVNL up 3% on highway MoU JSW Steel up 0.4% on sale ICICI Lombard down 1.6% on CEO exit ICICI Bank down 1% on healthcare investment NHPC up 1.3% on extended additional charge Kalyani Forge up 3.2% on new MD IRB Infra up 2.5% on road project closure
- 22 Sep
Lux Industries Shares Down 3% After Income Tax Raid
Lux Industries shares fell 3% on September 22 after news emerged that the Income Tax department had conducted searches at the company's premises in Kolkata and alleged a tax evasion of Rs 200 crore. The company has confirmed the searches and is extending full support.