Buy Bharat Forge, target price Rs 855: Axis Securities

Axis Securities has buy call on Bharat Forge with a target price of Rs 855. The current market price of Bharat Forge is Rs 812.5. Axis Securities recommended to keep stop loss at Rs 795.
Bharat Forge, incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 37812.78 Crore) operating in Auto Ancillaries sector.

Bharat Forge key Products/Revenue Segments include Steel Forgings, Scrap, Export Incentives, Job Work, Wind Mills for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 3686.85 Crore, up 8.76 % from last quarter Total Income of Rs 3389.95 Crore and up .84 % from last year same quarter Total Income of Rs 3656.05 Crore. Company has reported net profit after tax of Rs 128.24 Crore in latest quarter.

The company’s top management includes Mr.B N Kalyani, Mr.Dipak B Mane, Mr.Vimal R Bhandari, Mr.P H Ravikumar, Mrs.Lalita D Gupte, Mr.Pratap G Pawar, Mr.P C Bhalerao, Mr.Kishore M Saletore, Mr.S E Tandale, Mr.B P Kalyani, Mr.Amit B Kalyani, Mr.G K Agarwal, Mr.Murali G Sivaraman. Company has SRBC & Co LLP as its auditors. As on 31-03-2023, the company has a total of 47 Crore shares outstanding.

Investment Rationale
On daily chart “ double bottom” confirmation , daily and weekly RSI is in positive terrain.

Promoter/FII Holdings
Promoters held 45.25 per cent stake in the company as of 31-Mar-2023, while FIIs owned 16.17 per cent, DIIs 27.55 per cent.