52-week high alert: Multibagger stock rallies post Kalyani Rafael's Rs 287.51 crore order conquest; Know more here!
The stock has surged more than 111 per cent in the last 3 years.
As the trades progressed, both the Sensex and Nifty witnessed upward momentum, with gains of 0.07 per cent and 0.11 per cent, respectively.
In this optimistic market sentiment, the shares of Bharat Forge Limited zoomed by 1.40 per cent. Additionally, the stock hits the fresh 52-week high mark of Rs 1071.15 apiece on BSE. The company's current market capitalisation is 49,466.47 crore.
From a technical perspective, as of August 29, 2023, the stock's 200-day moving average (DMA) stood at Rs 838.84, while the 50-DMA was observed at Rs 917.44. With the current price at Rs 1061.60. In the recent crossover, the 50-DMA has surpassed the 200-DMA, signalling a robust and sustained upward rally over the long term.
The driving force behind this rally was the securing of an order by the company's wholly-owned subsidiaries, details as follows:
Kalyani Rafael Advanced Systems Private Limited, a collaborative venture between Kalyani Strategic Systems Limited (a wholly-owned Defense subsidiary of Bharat Forge Limited) and Rafael Advanced Systems Limited of Israel, has secured an order worth Rs 287.51 Crore, from the Indian Ministry of Defense for the provision of Missile Systems. The order is slated for execution over the upcoming twelve months.
Kalyani Strategic Systems Limited was established as a flagship entity to spearhead defense-related endeavors.
With over five decades of expertise in design, engineering, metallurgy, and manufacturing, the Group has evolved into a prominent defense player in India. This stature is fortified by the capabilities of its entities at strategic locations across the country.
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About Bharat Forge Limited:
Bharat Forge specializes in the manufacturing and sale of forged and machined components for the automotive and industrial sectors.
In addition to this, the stock has achieved multibagger status. It has gained momentum in the past one year giving more than 46 per cent returns. Moreover, the stock has surged more than 111 per cent in the last 3 years.
Keep a close eye on this trending stock.
Disclaimer: The article is for informational purposes only and not investment advice.