Bharat Forge signs multi-year contract with Boeing; stk up

MUMBAI: Shares of Bharat Forge hit an all-time high on Thursday after the company said it has signed a multi-year contract with Boeing Commercial Airplane to supply titanium for wing components for the Next-Generation 737 and 37 MAX planes.

Bharat Forge will begin supplying pre-machined forgings from its facilities in Pune and Baramati to Boeing in the first quarter of 2016, the company said. The titanimum parts will be heat-treated, shaped in a forging press, and machined by the company before being shipped, it said in filing to stock exchanges.

“Bharat Forge has won a multiyear order from Boeing which is likely further boost price of the stock further. Better than est. results has already seen the stock up nearly 12 per cent in 2 weeks, as expected,” said Microsec report.

According to Ashwani Gujral of ashwanigujral.com, traders can buy the stock with a stop loss of Rs 1200 for a target of Rs 1265.

At 10:00 a.m.; the stock was at Rs 1268.45, up 3.26 per cent, on the BSE. It touched an all-time high of Rs 1280.70 and intraday low of Rs 1250.10 in early trade.