Sharemasterindia.com: Bharat Forge shares edged higher on Wednesday after falling for three
straight sessions. The shares of the auto component maker have fallen 15
per cent in last three months on concerns of slowing order inflows from
the United States.
Brokerages have said Bharat Forge has been facing a slowdown in auto component orders related to class 8 trucks (large-sized trucks which weigh over 15,000 kg) since last three months.
Meanwhile, foreign brokerages have also turned bearish on the stock. Bank of America Merrill Lynch in a report said that export outlook for the company is getting weaker. BofAML has reduced its target price on the stock to Rs 1,080.
UBS in a note to its clients said that orders for Bharat Forge are likely to remain weak up till August and a pick-up could happen during September-December.
Bharat Forge shares were trading on a positive note in trades today. As of 12:30 p.m., the stock was up 1.5 per cent at Rs 1,112.
Brokerages have said Bharat Forge has been facing a slowdown in auto component orders related to class 8 trucks (large-sized trucks which weigh over 15,000 kg) since last three months.
Meanwhile, foreign brokerages have also turned bearish on the stock. Bank of America Merrill Lynch in a report said that export outlook for the company is getting weaker. BofAML has reduced its target price on the stock to Rs 1,080.
UBS in a note to its clients said that orders for Bharat Forge are likely to remain weak up till August and a pick-up could happen during September-December.
Bharat Forge shares were trading on a positive note in trades today. As of 12:30 p.m., the stock was up 1.5 per cent at Rs 1,112.
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