Hot Pursuit     19-Jun-24
Bharat Forge further invests $40 mln in USA arm
The forging company on Tuesday announced that it has made an additional investment of $40 million (Rs 334.04 crore) in its wholly owned subsidiary, Bharat Forge America (BFA).

The company said that this investment falls within the pre-approved limits of the board resolution dated 14 November 2022.

The funds are intended for further investment by BFA into its wholly-owned subsidiary - Bharat Forge Aluminum USA Inc. (BFAL), to facilitate BFAL’s capital expenditure for aluminum forging facility, the company stated.

BFAL produces and supplies aluminum automotive components for the auto industry. BFAL had a turnover of $60.73 million for the period April 2023 – March 2024.

Accordingly, the investment by the company in BFA and the proposed investment in BFAL is to facilitate BFAL’s capital expenditure for aluminum forging facility and is in furtherance of BFAL’s main line of business, the company stated in the press relase.

The company will continue to hold 100% of shareholding in BFAL through BFA. The investment will tentatively be completed by 21 June 2024.

Bharat Forge manufactures an extensive array of critical and safety components for several sectors including automobiles (across commercial & passenger vehicle), oil & gas, aerospace, locomotives, marine, energy (across renewable and non-renewable sources), construction, mining and general engineering.

The company’s standalone net profit jumped 59.23% to Rs 389.65 crore in the quarter ended 31 March 2024 as compared with Rs 244.52 crore recorded in the quarter ended 31 March 2023. Revenue from operations increased 16.59% to Rs 2328.58 crore in Q4 FY24, driven by execution on defence export order and Passenger vehicle exports.

The scrip rose 0.32% to currently trade at Rs 1,701.70 on the BSE.

Previous News
  Barometers off day's low; media shares under pressure
 ( Market Commentary - Mid-Session 19-Jun-24   11:42 )
  Bharat Forge further invests $40 mln in USA arm
 ( Hot Pursuit - 19-Jun-24   10:09 )
  Bharat Forge invests further USD 40 million in Bharat Forge America Inc.
 ( Corporate News - 18-Jun-24   19:20 )
  Bharat Forge Ltd up for third straight session
 ( Hot Pursuit - 07-Jun-24   13:05 )
  Market drifts higher; breadth negative
 ( Market Commentary - Mid-Session 05-Jun-24   09:40 )
  Stock alert: SBI, Bharat Forge, Hindalco, Wipro, Jindal Stainless
 ( Market Commentary - Stock Alert 05-Jun-24   08:36 )
  Bharat Forge fixes record date for final dividend
 ( Market Beat - Reports 03-Jun-24   18:36 )
  Bharat Forge announces deregistration of Kalyani Strategic Systems Australia
 ( Corporate News - 03-Jun-24   18:33 )
  Bharat Forge
 ( Results - Analysis 09-May-24   09:25 )
  Bharat Forge
 ( Analyst Meet / AGM - Conference Call 08-May-24   18:25 )
  Bharat Forge to pay final dividend
 ( Market Beat - Reports 08-May-24   15:18 )
Other Stories
  Lupin receives EIR from USFDA for Dabhasa facility
  13-Jul-24   16:48
  RVNL secures LoA worth Rs 132 cr from Central Railway
  13-Jul-24   16:38
  EMS bags order worth Rs 141-cr from Uttarakhand Power Corp.
  13-Jul-24   16:14
  Avenue Supermarts Q1 PAT climbs 17% YoY to Rs 774 cr in FY25
  13-Jul-24   16:00
  Sunteck Realty pre-sales climbs 30% YoY to Rs 502 cr in FY25
  13-Jul-24   15:32
  Fitch Ratings revises outlook on ratings of Tata Steel to 'negative'
  13-Jul-24   14:46
  5Paisa Capital Q1 PAT jumps 38% YoY in FY25
  13-Jul-24   14:39
  HCL Tech records PAT of Rs 4,257 crore in Q1; EBIT margin at 17.1%
  13-Jul-24   11:59
  IREDA Q1 PAT rises 30% YoY to Rs 384 cr in FY25
  13-Jul-24   09:00
  GTPL Hathway slides after Q1 PAT drops 60% YoY to Rs 14 cr in FY25
  12-Jul-24   15:40
Back Top