Bharat Forge stock hits all-time high on Kalyani Rafael’s Rs 287.51 crore order win

The order-win by Kalyani Rafael comes on the back of Defence Acquisition Council having cleared proposals worth Rs 7,800 crore last week

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Bharat Forge shares hit an all-time on August 28 at Rs 1,056.80 after Kalyani Rafael Advanced Systems announced an order win worth Rs 287.51 crore. Kalyani Rafael Advanced Systems is a joint venture between the former’s subsidiary Kalyani Strategic Systems and Israel’s Rafael Advanced Systems. The said order win is for supplying missile systems to the Ministry of Defence.

The order win by Kalyani Rafael comes on the back of the Defence Acquisition Council having cleared proposals worth Rs 7,800 crore last week. The defence ministry said that this was done to strengthen the operational capacities of the Indian armed forces.

At the day’s closing, Bharat Forge stock was quoting at Rs 1,050.40, up 2.65 percent or Rs 27.70.

In its results for Q1FY24, the company reported a 35.98 percent year-on-year (YoY) increase in revenue from operations at Rs 3,877 crore. Net profit for the quarter was up 33.75 percent YoY at Rs 214 crore. The operating profit margins for the quarter remained flat at 15 percent.

Bharat Forge Limited specialises in manufacturing forgings for the automotive, industrial, and energy sectors. Its subsidiary Kalyani Strategic Systems and its joint venture with Rafael Systems specialise in manufacturing sophisticated armaments and other defence equipment.

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