Bharat Forge is right there among the top gainers on the BSE; the stock price surged over 9% to hit an intraday high at Rs.772, very close to its 10% UC of the day at Rs.778.40. Its 52-week high is at Rs.848.
US based, ACT Research put out a report stating that preliminary class 8 (trucks and tractors, with or without sleeper cabs or truck sleeper compartment attachments) orders in North America have reached a record high on a monthly basis. It said that the orders in September doubled from last year to 56,500 units while MoM, it was up by a huge 164%.
The report said that the strong growth was on account of the original equipment manufacturers (OEMs) opening their order boards for 2023 earlier than normal. May to September is generally considered to be a weak period for truck orders while starting Sept, manufacturers begin to build slots for the next calendar year. It is always, typically that all large orders are generally received in October and November.
This is great news for Bharat Forge as it is one of the biggest beneficiaries of Class 8 truck orders being released. Others who stand to benefit at GNA Axles and RK Forgings; both of them being strongly in the green today.