Bharat Forge Ltd shares closed more than 2% lower on Wednesday after the company’s promoter released a pledge of 1.62% equity. The company informed the stock exchanges on February 28 that the promoter, or PAC, on whose shares encumbrance has been released is Sundaram Trading and Investment Private Ltd.
As per the reporting date of February 22, 2024, the promoter group
BN Kalyani released a pledge of 1.62% of Bharat Forge’s share capital, amounting to 75 lakh equity shares. The shares have been encumbered in the favour of Tata Capital Ltd.
Shares of Bharat Forge dropped 3% to a low of ₹1,142.3 apiece on BSE on Wednesday. However, the stock recovered some early losses to close at ₹1,152.2, down 2.16%.
The stock has gained 5% in the last three months. Shares of
Bharat Forge dropped 10% so far this year. The stock has given returns of over 40% to investors in the last one year and 90% in the last three years.
The company’s consolidated net profit increased sharply by 220.66% on a year-on-year (YoY) basis to ₹264.55 crore in the quarter ended December 31, 2023, compared to ₹82.5 crore reported in the year-ago quarter. Its net sales rose 15.3% to ₹3,866.41 crore in the three-month period from ₹3,353.36 crore in the corresponding period of the previous fiscal year.
Bharat Forge’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) stood at ₹753.8 crore in the third quarter of FY24, which was 49% higher than ₹505.86 crore in the same quarter a year ago.
(Edited by : Ajay Vaishnav)
