Buy Bharat Forge, target price Rs 930: Nuvama Wealth

Nuvama Wealth brokerage has buy call on Bharat Forge with a target price of Rs 930. The current market price of Bharat Forge is Rs 866.65. Nuvama Wealth brokerage recommended to keep stop loss at Rs 836.

Bharat Forge, incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 40520.18 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.

Investment Rationale
Breakout from a Bullish Cup and Handle formation indicating strong bullish momentum.

Promoter/FII Holdings
Promoters held 45.25 per cent stake in the company as of 30-Jun-2023, while FIIs owned 15.79 per cent, DIIs 28.31 per cent.