Shares of Bharat Forge Ltd. hit a record high on Friday after its unit won an award to produce armoured vehicles in India for Paramount, a global defence company.
Kalyani Strategic Systems' partnership with Paramount includes the development and production of 4x4 and 6x6 infantry combat vehicles for global customers.
"The partnership between Paramount and Bharat Forge and its subsidiary, Kalyani Strategic Systems, has to date resulted in the successful development and production of large volumes of the locally-made KM4 armoured vehicles for the Indian Army," according to the exchange filing on Thursday.
Shares of Bharat Forge rose as much as 3.60% to hit a record high of Rs 1,148 apiece. The stock is trading 0.45% higher at Rs 1,113.20 per share, compared to a 0.24% advance in the benchmark NSE Nifty 50 as of 10:17 a.m.
The stock has risen 26.75% on a year-to-date basis. The total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 70.31
Of the 31 analysts tracking Bharat Forge, 22 maintain a 'buy' rating on the stock, two suggest a 'hold', and seven recommend a 'sell', according to Bloomberg. The average of 12-month price targets given by analysts implies a potential downside of 9.9%.
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