Bharat Forge and its parent company Kalyani Forge shares started the day's trade on Monday, January 27 in red with deep cuts. This comes to pass after reports of the talks with iPhone maker Apple emerged.
Apple In Talks With Kalyani Group
According to a report from the Economic Times, the California-based company is in talks to make Bharat Forge of the Kalyani group a vendor for its product in India.
The deal would see Bharat Forge making components for one of the biggest phone brands in the world.
Apple has been trying to diversify its manufacturing capabilities away and outside of China. Apple has been highly dependent on China.
And, in a move to strengthen its India plans, the company had also struck deals with other Indian entities, including Tata Group, Pune-based Motherson Group and Aequs.
Kalyani Forge Ltd
When we look at the company shares and their progress at the beginning of the new trading week, the shares of Kalyani Forge, another company owned by the Kalyani Group dipped in value.
At the time of writing, the company shares declined by a mammoth 3.05 per cent or Rs 19.85 per piece.
This took the overall value of the company shares to Rs 630.30, behind its previous closing of Rs 650.15 per share.
Bharat Forge Ltd
The company in the middle of all this discussion looked no different. The shares of Bharat Forge also declined monumentally in the first hour of the day's trade on Monday.
The company shares stared on a bad note, opening at Rs 1,210.60 per share, compared to its previous closing of Rs 1,216.55.
The saga of decline at the equity markets only continued for Pune-based MNC, as the company equity dipped in value by 2.65 per cent or Rs 32.25. This took the overall of Bharat Forge shares to Rs 1,184.30 per piece.
