Bharat Forge Ltd shares hit an all-time high of ₹1,290 apiece on BSE on Tuesday after the company announced that it has signed a Memorandum of Understanding (MoU) with 'Guidance', the nodal agency of the Tamil Nadu government.
Bharat Forge signed an MoU with Guidance on Monday, January 8, 2024, as part of the Tamil Nadu Global Investors Meet 2024, for investments of an amount, not exceeding ₹1,000 crore, over a period of five years, the company said in a stock exchange filing.
The company is doing so to expand its manufacturing footprint in Tamil Nadu.
The MoU signed with Guidance is non-binding and has no material impact on the operations of the company at the moment, Bharat Forge informed the bourses.
In an interview with CNBC-TV18 on Monday, the Chairman and Managing Director of Bharat Forge, Baba Kalyani, had said the forging company is on track to achieve a revenue milestone of ₹20,000 crore in the next two years.
The company’s Deputy Managing Director Amit Kalyani has identified the defence business as Bharat Forge’s primary pivot for the future, citing its current global expansion and the anticipation of further growth.
Kalyani pointed to the defence business, industrial business, and aerospace business as large growth drivers that would help Bharat Forge scale globally.
Bharat Forge shares were trading 2.3% higher at ₹1,285.6 apiece at 12:45pm on January 9.
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