Bharat Forge shares surged at Dalal Street a day before market holiday on account of Christmas. In the early hours of the intraday trade the manufacturing company saw its shares jump by over 2 per cent.
Bharat Forge To Infuse Rs 500 Crore In BFA
This development is attributed to the company's decision to infuse funds into its American business. The Pune-based company is involved in forging, automotive, energy, and construction. In addition, it is also involved in mining, railways, marine, aerospace and defence industries as well.
The company approved an infusion of USD 64.50 million or about Rs 500 crore in Bharat Forge America. The company is based in US state of North Carolina.
In a statement issued through an exchange filing. In the statement, the company said, "This is in continuation of our intimation dated November 14, 2024, with regard to approval of further investment in Bharat Forge America Inc., (“BFA”) a wholly owned subsidiary of the Company. In furtherance of the powers delegated by the Board of the Company, the Investment Committee (Strategic Business) of the Company, at its meeting held on December 23, 2024, approved the infusion of funds of $ 64.50 million by Bharat Forge Limited into BFA."
Bharat Forge Limited Shares
This surge in the company stocks comes after a period of relative decline. In the past 5 trading sessions, the company shares declined by 0.63 per cent or Rs 8.35.
When we try to look at the larger picture, in the past month of trade the company shares have only marginally increased by 0.16 per cent.
On Tuesday however, the status of the company shares was different, and was in Green. While the shares of Bharat Forge witnessed some vacillations, as the day progressed, it continued to trade in the green.
At the time of writing, the shares of the company rose by 1.62 per cent or Rs 21.10. The total value of the shares jumped to Rs 1,320.30.
