Moneycontrol
Last Updated : Dec 05, 2018 10:51 AM IST | Source: Moneycontrol.com

Bharat Forge tanks 8% after Class 8 truck orders decline sharply in November

Kalyani group's auto ancillary company gets 12 percent sales from North America truck market.

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Bharat Forge shares plunged 8.3 percent to hit a fresh 52-week low of Rs 532.60 in morning on Wednesday after Class 8 truck orders fell sharply in November. Other forging company Ramkrishna Forgings also dropped 3 percent.

Total North America truck orders for the month of November were 27,900 units, the lowest since September 2017, which were lower by 15 percent compared to same period last year.

Orders compared to previous month were down by 36 percent.

Kalyani group's auto ancillary company gets 12 percent sales from North America truck market.

Meanwhile, auto ancillary company Bharat Forge had reported a 11.6 percent on year growth in second quarter profit to Rs 227 crore, driven by strong topline growth.

Revenue during the quarter surged 33.5 percent to Rs 1,679 crore YoY, with healthy 31.5 percent growth in domestic business and 34 percent in exports.

At 10:35 hours IST, Bharat Forge was quoting at Rs 533, down Rs 48.05, or 8.27 percent and Ramkrishna Forgings was quoting at Rs 531, down 3.36 percent on the BSE.
First Published on Dec 5, 2018 10:51 am
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