Bharat Forge share price jumped as much as 3.7 per cent to Rs 610 apiece on BSE on Tuesday, after it received an order worth Rs 177.95 crore from the Ministry of Defense. The company has received the order for protected vehicles under Emergency Procurement for the supply of Kalyani M4 vehicles. Bharat Forge shares hit a 52-week high of Rs 676.10 during the start of 2021. So far in the session, a total of 1.22 lakh shares have exchanged hands on BSE, while on the National Stock Exchange, 28.77 lakh shares have traded so far. According to an analyst, the recent order won by Bharat Forge from the Ministry of Defense is a piece of extremely positive news and is a testament to Bharat Forge’s manufacturing capabilities.
AR Ramachandran, Co-founder & Trainer, Tips2Trade, told Financial Express Online that, technically, Rs 583 will act as strong support for buyers after a decent correction. Ramachandran added, "Closing above 631 could trigger another strong uptrend in this stock." Bharat Forge's stock price is down almost 10 percent from a 52-high level. On Monday, Bharat Forge announced an agreement to manufacture armored vehicles in India with Paramount Group. This agreement was signed during the International Defense Expo held in Abu Dhabi by both companies. The firm stated that in the very near future, the Kalyani M4 will see service with the Indian Armed Forces. “The Kalyani M4 successfully completed a series of extreme vehicle trials in some of the toughest environments in India,” the company said.