Bharat Forge shares slip ~7% as Class 8 truck orders fall

5 Aug 2024 , 02:37 PM

Bharat Forge Ltd. shares are trading down more than 5% on Monday (August 5) following the latest round of Class 8 Truck orders in North America. The stock is one of the top lose₹in the Nifty 500 index.

 In July, Class 8 truck orders in North America reached a 15-month low of 12,400 units. These orders were down 5% from June, and 8% year-on-year.

This is the second time this year that Class 8 truck orders in North America have fallen year on year. This is also the eighth consecutive month in which Class 8 truck orders in North America have been below 20,000 units.

Bharat Forge, a defence-to-auto component provider, has a position in the North American class 8 truck market.

In June, Bharat Forge announced an additional $40 million investment in Bharat Forge America.

The money will be used by BFA to invest further in its wholly-owned subsidiary, Bharat Forge Aluminium USA Inc. (BFAL), allowing BFAL to pay capital expenditures for an aluminium forging facility.

At around 12.42 PM, Bharat Forge was trading 6.49% lower at ₹1,548 per piece, against the previous close of ₹1,655.40 on NSE. The counter touched an intraday high and low of ₹1,597.65, and ₹1,538.10, respectively.

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