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Bharat Forge share price hits 52-week high after global brokerage initiates coverage with 'buy'

Goldman Sachs has initiated a buy call on the stock with a target of Rs 883 per share, an upside of 11 percent from the current levels

July 07, 2021 / 09:52 AM IST
 
 
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Bharat Forge share price gained 3 percent in the morning session on July 7. The stock price has jumped over 100 percent in the last year and is trading at Rs 793.10, up Rs 25.35, or 3.30 percent. It has touched a 52-week high of Rs 808.05.

The stock has touched an intraday high of Rs 808.05 and an intraday low of Rs 767.75.

Global research firm Goldman Sachs has initiated a buy call on the stock with a target of Rs 883 per share, an upside of 11 percent from the current levels. It is of the view that the company is well-positioned to leverage defence localisation and global industrial recovery, according to a CNBC-TV18 report.

It expects consumer revenue/EBITDA CAGR of 8 percent/22 percent in FY20-24.

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The company, through its wholly-owned subsidiary BF Industrial Solutions (BFISL) last month acquired 100 percent control of Sanghvi Forging & Engineering.

Its resolution plan for Sanghvi Forging was approved by the National Company Law Tribunal Ahmedabad Bench on April 26, 2021 and by the Committee of Creditors (CoC) of Sanghvi Forging on February 17, 2021.

Bharat Forge had reported a net profit of Rs 205.4 crore in Q4 FY21 (Jan-Dec quarter) against a loss of Rs 73.3 crore in a year-ago period. Its revenue was up 48.4 percent at Rs 1,307 crore versus Rs 881.2 crore in Q4 FY20.

Earnings before interest, tax, depreciation and amortization (EBITDA) were up at Rs 359 crore versus Rs 110.3 crore, and the margin was at 27.5 percent against 12.5 percent in the year-ago quarter.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Jul 7, 2021 09:52 am

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