Bharat Forge’s shares are likely to be in the spotlight today because the company has announced a big investment of $64.50 million in its subsidiary, Bharat Forge America (BFA).
According to a company statement, the Investment Committee met on December 23, 2024, and approved this investment. Here’s how they plan to use the money:
– $19.50 million will stay with BFA.
– $30 million will go into Bharat Forge Aluminum USA, which is fully owned by BFA.
– $15 million will be used for Bharat Forge PMT Technologie, another fully owned subsidiary of BFA.
This funding will help BFA and its subsidiaries pay off some of their existing loans.
Looking at the stock performance, Bharat Forge shares have gone up by 7.9% over the last year and about 4% in the current calendar year. However, its stock has dropped recently, down 26% in the last 6 months and 18.11% over the past 3 months.
Currently, Bharat Forge shares are showing a relative strength index (RSI) near 39, which is just above the “oversold” level, indicating that the stock might be a good opportunity. On Monday, the stock closed 1.3% higher at Rs 1,296.40 on the Bombay Stock Exchange.
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