Bharat Forge acquires strategic stake in Tevva Motors
The stock of Bharat Forge surged around 1.5 per cent as the company informed the bourses that it has made a strategic investment of 10 million pounds in Tevva Motors. This is Bharat Forge’s third foremost initiative in the electric vehicle (EV) space.
Tevva Motors in engaged in the business of providing electric powertrain solutions for commercial vehicles and buses. Thist is also likely to be extended for the development of new commercial vehicles, mainly trucks and buses.
With this strategic investment, Bharat Forge has also acquired a licence for commercialisation of the Tevva technology within India and for strengthening its research and development activities in the e-mobility space.
Bharat Forge’s FY18 revenue mix comprises of commercial vehicles (50 per cent), non-auto (33 per cent) and passenger vehicles (17 per cent).
Today, the stock opened at Rs 645.10 and touched an intra-day high and low of Rs. 658.85 and Rs. 645.10, and finally closed at Rs. 658, on the BSE.