Bharat Forge up 2% as North America Class 8 truck orders rise to13-month high

Bharat Forge had also reported a record high shipment of 70,300 tons during the September quarter, registering a 15 percent on year growth

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The Bharat Forge stock rose over 2 percent and hit a 52-week high of Rs 1,185.95 in the early trade on December 5 after Class 8 truck orders in North America jumped to its highest level in 13 months.

Class 8 truck orders in November were up 32 percent from the previous month at 36,750 units. On a year-on-year basis, the rise was at 3 percent. Since Bharat Forge has a presence in North America Class 8 truck business, a rise in orders bodes well for the company’s growth prospects.

The rise in orders compared to the previous year indicates that the market is trying to maintain historically high performance standards, as stated by FTR. FTR tracks class 8 truck orders for the transportation industry and reports on preliminary order numbers on a monthly basis.

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FTR chairman Eric Starks said that November demonstrated a more cohesive market for original equipment manufacturers (OEMs) compared to October, with the majority of them witnessing an uptick in orders.

“Despite prolonged weakness in the overall freight market, fleets remain eager to invest in new equipment,” Starks said.

At 10.41 am, Bharat Forge was trading 1.6 percent higher at Rs 1,175.95 on the NSE.

Bharat Forge had also reported a record high shipment of 70,300 tons during the September quarter, registering a 15 percent on year growth. The company also posted a near 23 percent on-year jump in sales during the July-September period, which aided around 56 percent growth in its net profit to Rs 227.23 crore.

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