Bharat Forge hits record high, up by 4 per cent

The share price of Bharat Forge hit a record high during Friday’s trade as the company’s client North American posted a significant improvement in class 8 truck orders. The improvement in order came for the fifth consecutive month in September.
 
The US markets are likely to witness a strong rise in the freight demand in the near future with the digitisation of the transport sector, which will, in turn, spur the demand for Class 8 trucks, reported a US agency tracking industrial growth. Following the news, the share prices of MM Forgings, GNA Axles and Ramkrishna Forgings also witnessed a rise by 3-4  per cent  on Friday.
 
About 23  per cent  of Bharat Forge's business is derived from US OEMs. While the commercial vehicle business constitutes 50  per cent  and passenger vehicle contributed around 19  per cent  of the company’s total revenue in the financial year 2017.
 
Bharat Forge hit an intraday high of Rs. 722 per share and an intraday low of Rs. 707.65 per share on BSE, on Friday. The stock also witnessed a spurt in volume by more than 3.05 times on November 3, 3017. At 1206 hours IST, the stock was trading at Rs. 710.20 per share, higher by 2.06  per cent  on BSE.