Shares of Bharat Forge Ltd. hit an all-time high on Monday after its wholly owned subsidiary bagged export orders worth Rs 850 crore.
Kalyani Strategic Systems Ltd. received two orders for the supply of components and armoured vehicle chassis. It will be executed over an 18-month timeframe and subject to necessary government approvals, according to an exchange filing on Monday.
Shares of Bharat Forge were trading 0.91% higher at Rs 979.55 apiece compared to a 0.29% rise in the benchmark NSE Nifty 50 as of 11:37 a.m. The stock rose 1.76% intra-day to hit a record high of Rs 987.80.
The total traded volume so far in the day stood at 2.5 times its 30-day average. The relative strength index is at 70.37, implying that the stock is neither overbought nor oversold.
Out of the 30 analysts tracking Bharat Forge, 21 maintain a 'buy' rating on the stock, two recommend a 'hold' and seven suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 1.5%.
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