Kalyani Forge shares up 5% as co eyes doubling turnover

MUMBAI: Shares of Kalyani Forge Ltd rose 5 per cent today as the company which is into manufacturing of precision forged and machined components, plans to double turnover to Rs 500 crore in the next 2-3 years.

The stock climbed 4.96 per cent to close at Rs 277 - its highest trading permissible limit - for the day on BSE.

At NSE, shares of the company settled 5 per cent up at Rs 270.90.

"Shares of Kalyani Forge hit upper circuit of 5 per cent in the day after market reports suggested that the company is planning to double its annual turnover to Rs 500 crore over the next 2-3 years", said Achin Goel, Head, Wealth Management & Financial Planning, Bonanza Portfolio Ltd.

Kalyani Forge Ltd plans to double the turnover by entering a new product range, and expansion.

"We are looking at achieving turnover of Rs 500 crore in the next 2-3 years from the present Rs 250 crore through organic growth.

We are expanding our machined components capacity by 25 per cent, which is expected to be ready by the current fiscal year", Kalyani Forge Executive Director Viraj G Kalyani had told PTI.

The company has identified 4 business verticals for growth and proposes to deliver value added solutions to the customers by supplying semi-finished or ready to assemble parts, Kalyani said.