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Last Updated : Oct 07, 2020 10:01 AM IST | Source: Moneycontrol.com

Bharat Forge share price gains after CLSA retains 'buy'; ICICIdirect expects target of Rs 545

CLSA is of the view that business metrics for various end-markets are trending upwards, adding that order data for US trucks is pointing towards acceleration.

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Bharat Forge share price gained 2 percent in the morning session on October 7 after CLSA maintained "buy" on the stock.

The global research firm has retained "buy" call on the stock with the target at Rs 580 per share. It is of the view that business metrics for various end-markets are trending upwards, adding that order data for US trucks are pointing towards acceleration, according to a CNBC-TV18 report.



India trucks have started to recover from a low base. Passenger vehicles are starting to recover at home as well as in export markets. Underlying data strengthen conviction in its revenue recovery, it said.

The brokerage firm expects revenue CAGR of 11 percent over FY20-23.

The stock was trading at Rs 473.50, up Rs 7.60, or 1.63 percent. It has touched an intraday high of Rs 474.95 and an intraday low of Rs 468.10.

Domestic research firm ICICI Direct has given a buy rating to Bharat Forge, with a target price of Rs 545. The open interest in the stock has been gradually increasing in the last couple of months as the stock exceeded its major hurdle of Rs 400 in August.

Since then, long additions have propelled the stock towards Rs 520. The OI in the October series is almost at a six-month high. We believe these are fresh long additions, the brokerage firm said.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long-term moving averages. FII / FPI or institutions are also increasing their shareholding.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
First Published on Oct 7, 2020 10:01 am