Bharat Forge gained 2.56% to Rs 82.25 at 14:12 IST on BSE, snapping losses in the preceding three sessions in a row, after the company said Life Insurance of India has acquired 45.33 lakh shares or 2.04% of the equity.
The stock hit a high of Rs 84.85 and a low of Rs 81 so far during the day. The stock hit a 52-week high of Rs 389.75 on 4 January 2008 and a 52-week low of Rs 78.10 on 12 December 2008.
The stock had shed 9.07% in three consecutive trading sessions to Rs 80.20 on 12 December 2008 from a recent high of Rs 88.20 on 8 December 2008.
The company's current equity is Rs 44.53 crore. Face value per share is Rs 2.
The current price of Rs 82.25 discounts the company's Q2 September 2008 annualized EPS of Rs 2.02, by a PE multiple of 40.72.
The life insurance giant Life Insurance of India has increased its stake to 9.21% in the company after acquiring 45.33 lakh shares or 2.04% of equity through open market purchases on 12 December 2008.
Bharat Forge had in November 2008 signed a pact with France based Alstom, a global power systems manufacturer and service provider to set a joint venture company (JVC) in India for manufacturing of power plant equipments.
Bharat Forge's net profit fell 83.4% to Rs 11.25 crore on 19.4% increase in net sales to Rs 654.47 crore in Q2 September 2008 over Q2 September 2007.
Bharat Forge is among the largest and technologically most advanced manufacturers of forged & machined components. The company has manufacturing operations across nine locations and six countries, 2 in India, 3 in Germany and one each in Sweden, Scotland UK, USA and China.
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