Bharat Forge rises on entering into JV agreement with Refu Electronik GmbH

10 Jun 2019

Bharat Forge is currently trading at Rs. 465.10, up by 8.25 points or 1.81% from its previous closing of Rs. 456.85 on the BSE.

The scrip opened at Rs. 457.40 and has touched a high and low of Rs. 467.55 and Rs. 457.40 respectively. So far 19592 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 692.50 on 10-Sep-2018 and a 52 week low of Rs. 445.10 on 16-May-2019.

Last one week high and low of the scrip stood at Rs. 472.35 and Rs. 454.80 respectively. The current market cap of the company is Rs. 21628.92 crore.

The promoters holding in the company stood at 45.76%, while Institutions and Non-Institutions held 32.34% and 21.90% respectively.

Bharat Forge has entered into a Joint Venture Agreement (JV Agreement) with Refu Electronik GmbH, Germany and its Affiliates/Promoters (REFU) on June 6, 2019 for incorporating a Joint Venture Company, under the laws of Germany for developing, manufacturing and selling on board controllers and components mainly - drives, invertors, converters (including AC/DC) and all kind of auxiliary applications, related power electronics and battery management (BMS), etc. for all quality of e-mobility vehicles viz, hybrid and electric 2-wheelers, 3-wheelers, cars and commercial vehicles.

In the proposed Joint Venture Company (JVC), the company will hold 50% of stake by making an investment of EUR 11.35 Million by way of equity shares at nominal value of Euro 1, subject to fulfilment of conditions in Share Purchase Agreement and JV Agreement between the parties.

Bharat Forge is engaged in manufacturing of close die and open die forging, crankshafts, front axle beams, steering knuckle, connecting rods, rocker arm and many more components.

Related Bharat Forge Ltd. Links:

Bharat Forge Share Price

445.00 0.00 (0.00%) Dec 09, 18:01
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