Rs 5.50/Share Dividend: Auto Ancillaries Co Inks 1000 Cr Deal With Karnataka Govt

Large cap company operating in Auto Ancillaries sector, Bharat Forge shares hit fresh 52-week high today after the Company entered into a Memorandum of Understanding (MoU) with Guidance, the Nodal Agency of Government of Tamil Nadu on January 08, 2024 as part of the Tamil Nadu Global Investors Meet 2024, for investing up to Rs 1,000 Crores over a 5-year period to expand our manufacturing footprint in Tamil Nadu.

This MoU is non-binding and at present does not have a material impact on the operations of the Company. Any updates thereon shall be provided by the Company in due course.

Bharat Forge Stock Performance: Last trading price of Bharat Forge share on BSE is Rs 1272.00 per share with intraday gain of 1.17%. The 52-week high price of Bharat Forge stock on BSE is Rs 1291.00 per share and 52-week low price is Rs 744.00 per share, respectively. The company has a market capitalisation of Rs 59,211.73 crore. Bharat Forge shares gained 18% in last 3-months, soared 51% in last 6-months, and offered gain of 44% in last 1-year. In last 2-years, Bharat Forge stock surged 70% and offered return of 110% in last 3-years. In last 5-years, Bharat Forge stock gained 166%.

Bharat Forge Recommended 275% Dividend In 2023: As per the BSE filing of Bharat Forge, "This is further to our letter dated May 05, 2023, wherein it was informed that the Board of Directors of the Company at its meeting held on Friday, May 05, 2023, had inter alia recommended final dividend of Rs. 5.50/- i.e. at the rate of 275% per equity share having face value of Rs. 2/- each for the financial year ended on March 31, 2023, subject to the approval of the shareholders at the ensuing Annual General Meeting ("AGM") of the Company." It fixed Friday, July 07, 2023 as the record date.

Bharat Forge Financials: The company on November 6, 2023 declared its consolidated net profit at Rs 214.86 crore, up 52% year-on-year for the July-September quarter of FY 24 as compared to Rs 141.55 crore in the corresponding period of FY23. Its revenue from operations soared 22.6% to Rs 3774 crore for Q2 pushed by surge in export and growth in domestic revenue from Rs 3076 crore in the corresponding quarter of last fiscal.

Bharat Forge About: The world's largest forging company with manufacturing facilities spread across India, Germany and Sweden, Bharat Forge manufactures a wide range of high performance,critical & safety components for the automotive & non-automotive sector. Technology driven global leader in metal forming having transcontinental presence across eight manufacturing locations, serving several sectors including automotive, power, oil and gas, construction & mining, locomotive, marine and aerospace, according to its official website.

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The stock highlights the deal with Karnataka Govt and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.