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The share prices of Bharat Forge, Ramkrishna Forgings and GNA Axles were under pressure in early trade on December 6 as Class 8 truck orders in North America fell for the second straight month in November.
Class 8 truck orders stood at 34,300 in November, down from 42,500 in October and 56,000 in September. In fact, truck orders hit a record high in September but have since declined.
Class 8 truck orders are an important indicator of forging companies' business activity. North America accounts for almost 40 percent of Bharat Forge's total revenue. They make up 45 percent of GNA Axles’ export revenue and 40 percent of RK Forgings.
Class 8, or so-called severe duty, trucks have gross vehicle weight rating (GVWR) of more than 33,000 pounds. They are used as trailer tractors, single-unit dump trucks as well as fire trucks.
Checkout Budget Highlights 2023
