Bharat Forge Limited on July 27 informed the stock exchanges that it received approval from the government to participate in potential defence programs in future.
The auto components maker also said that it has been granted a license for small arms and ammunition by the Ministry of Home Affairs under Arms Rules, 2016.
Bharat Forge is an Indian multinational company involved in forging, automotives, energy, construction and mining, railways, marine, aerospace and defence industries.
The forging company is yet to report its first quarter financial results. For Q4 FY23, Bharat Forge reported a decline of 7 percent in net profit at Rs 245 crore while Ramkrishna Forgings' net profit fell 23 percent of Rs 68.45 crore during the quarter.
For the full FY23, Bharat Forge recorded a 3 percent decline in profit at Rs 1,045.5 crore and revenue increased by 20.4 percent to Rs 7,572.7 crore compared to the previous financial year, with domestic and exports businesses showing 20.4 percent and 21.7 percent growth year-on-year respectively.
At the stock market close on July 27, the scrip was at Rs 897.70 on the NSE, higher by 2.42 percent from previous close. Intraday, the stock was at a low of Rs 871 and at a high of Rs 914.25.
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