Shares of Pune-based Bharat Forge surged around 4 per cent after its joint venture received new orders of $100 million from Israel’s Rafael Advanced Defence Systems Ltd for the manufacture and supply of missiles to the Indian Army and Air Force. The order was given to its joint venture company, Kalyani Rafael Advanced Systems or KRAS, in which Rafael is also a partner for manufacturing of 1,000 BARAK-8 MRSAM missiles’ kits which in turn would be supplied to BDL (Bharat Dynamic Ltd) for further integration, Bharat Forge said in an exchange filing.
Bharat Forge shares today opened at Rs 443.20 per share on BSE, then soared around 4 per cent to Rs 460.70 per share after it announced bagging new orders worth $300 million. On NSE, its shares had opened at Rs 447.65 and surged to 460.80 on the new orders information. KRAS is a 49:51 ratio Joint Venture between RAFAEL Advanced Systems and Kalyani Strategic Systems Ltd (KSSL), with the Indian partner holding 51%. KSSL is a 51% subsidiary of Bharat Forge Limited. The JV partners have invested in best in production facilities, engineering services, and extended Life cycle support (MRO) for systems supplied to Indian Defence force.
Net profit of Bharat Forge rose 85.2% to Rs 299.51 crore in the fourth quarter year-on-year basis. The company’s net sales stood at Rs 1,668.60 crore in the last quarter of FY19, up 13.8% from the same quarter of the previous year. Bharat Forge (BFL) is a global leader in metal forming, serving several sectors including automotive, power, oil and gas, construction & mining, rail, marine and aerospace.
At 2:33 PM, while the Sensex was seen trading at a level of 38,856.28, up 300 points from the last close, the Nifty50 was seen trading at 11,586.20 mark, 87.30 points higher than the previous close. Both the indices had opened higher tracking positive Asian markets after the US Federal Reserve Chairman Powell indicated towards a rate cut soon amid slowdown concerns and trade worries with China and other countries.
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