Bharat Forge has been in the green for the past couple of days and today too, it is up and about. It went up over 2% to Rs.1130. Its 52-week high and low stands at Rs.1220.45 and Rs.716.70 respectively.
The stock is up today after the company’s subsidiary signed an MoU with Israel’s Aerospace Industries to build new maintenance centre in India for selected advanced air defence systems. This MoU will cover establishment of a maintenance centre for selected advanced air defence systems at Hyderabad in Telengana. Both companies will also expand their joint operations for development, manufacturing and marketing of precise ammunition systems.
Yesterday, the reason for the rise in price was the good growth from North India – it has got orders for class 8 trucks and this is up 38% in June at 17,764 units v/s 16,300 units in May.