Shares of Bharat Forge will be in focus on Thursday after Class 8 truck orders in North America fell to a four-month low in December.
Data from FTR Transport Intelligence showed that Class 8 truck orders in December stood at 26,620 units, which is a drop of 26% below November's figure of 36,750 units and a 6% drop compared to December 2022.
The comparisons fell within expectations given the seasonal tendencies, the FTR statement said.
Total Class 8 truck orders for the previous 12 months now stand at 2.53 lakh units, with annualised rate over the last six months being at 3.02 lakh units. "OEMs are still able to fill build slots at a healthy rate," FTR said.
FTR board Chairman Eric Starks said that even as freight markets have been weak for an extended period, the fleets are still ordering the equipment.
"Order levels were above historical average but continue to follow seasonal trends, reinforcing our expectations for replacement demand in 2024," Starks said.
In an interaction with CNBC-TV18 in November, Bharat Forge Chairman Baba Kalyani said that the company has seen a big improvement in North American truck orders and that the company is currently in a major transformation phase to move from components to products.
Expressing optimism on the second half of the year, Kalyani had said that he sees strong growth for the company going forward.
Shares of Bharat Forge ended little changed on Wednesday at ₹1,237.85. The stock had risen over 40% last year.
(Edited by : Hormaz Fatakia)
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