Bharat Forge Surges 2% as Defence Subsidiary Clinches Rs 850 Crore Export Orders

21 Aug 2023 , 02:11 PM

Bharat Forge, a prominent player in the industrial and automotive sector, witnessed a 2 % surge in its shares on August 21. This rally came on the back of a significant development within its defence subsidiary. The company’s wholly-owned subsidiary, Kalyani Strategic Systems Limited, secured two noteworthy export orders valued at approximately €93.87 million (equivalent to around Rs 850 crore). These orders are slated for the supply of components and armoured vehicle chassis.

The duration of the execution for these orders spans 18 months, highlighting the comprehensive scope of the undertaking. The disclosure was made by Bharat Forge through an official exchange filing.

The subsidiary’s success in securing these export orders reflects the company’s expertise and recognition within the defence industry. Currently, Bharat Forge’s shares are trading at Rs 984.40 on the National Stock Exchange (NSE). This marks a 1.14 % increase compared to the previous day’s closing price.

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