Bharat Forge shares jump after signing pact with Israeli firm

Shares of Bharat Forge advanced on Friday after the company’s subsidiary signed pact with Israel’s Aerospace Industries to build new maintenance centre in India for selected advanced air defence systems.

The scrip was trading 1.56 per cent up at Rs 1,125 around 10 am (IST). The stock ended the day 1.03 per cent up at Rs 1,119.10
Shares of the company opened at Rs 1,120.80 and touched an intraday high and low of Rs 1130.25 and Rs 1114.90, respectively.

On the BSE, 55,000 shares were traded in the counter so far, compared with average daily volumes of 71,000 shares in the past two weeks.

The stock had hit a 52-week high of Rs 1,220.45 on June 8 and 52-week low of Rs 716.70 on August 4, 2016.

Bharat Forge on Thursday post market hours announced that its subsidiary, Kalyani Strategic Systems and Israel Aerospace Industries have signed a new memorandum of understanding (MoU) addressed to expand the joint venture that the companies are establishing. The new MoU covers the establishment of a maintenance centre for selected advanced air defence systems at Hyderabad in Telengana.

The two companies have also agreed on expanding their joint operations for development, manufacturing and marketing of precise ammunition systems.

In February 2017, Israel Aerospace Industries has inked an MoU with Kalyani Strategic Systems (KSSL) on establishing a joint venture that will develop, build, market and manufacture selected Air Defence Systems and light-weight special purpose munitions, in accordance with the Indian Government's 'Make in India' policy.