Buy Bharat Forge, target price Rs 944: Nuvama Wealth brokerage

Nuvama Wealth brokerage has buy call on Bharat Forge with a target price of Rs 944. The current market price of Bharat Forge is Rs 883.5. Nuvama Wealth brokerage recommended to keep stoploss at Rs 850.

Bharat Forge, incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 41111.48 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 30-09-2022, the company has reported a Consolidated Total Income of Rs 3122.27 Crore, up 8.26 % from last quarter Total Income of Rs 2884.04 Crore and up 28.81 % from last year same quarter Total Income of Rs 2423.90 Crore. Company has reported net profit after tax of Rs 141.81 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 31-12-2022, the company has a total of 47 Crore shares outstanding.

Investment Rationale
Ready to breakout from 900-850 as it registers its highest ever weekly close since December 22.

Promoter/FII Holdings
Promoters held 45.25 per cent stake in the company as of 31-Dec-2022, while FIIs owned 17.88 per cent, DIIs 26.0 per cent.