Balu Forge Industries surges on signing MoU with Government of Karnataka

Balu Forge Industries is currently trading at Rs. 243.30, up by 0.80 points or 0.33% from its previous closing of Rs. 242.50 on the BSE.

The scrip opened at Rs. 254.60 and has touched a high and low of Rs. 254.60 and Rs. 243.30 respectively. So far 635 shares were traded on the counter.

The BSE group 'X ' stock of face value Rs. 10 has touched a 52 week high of Rs. 254.60 on 08-Jun-2021 and a 52 week low of Rs. 37.00 on 30-Jun-2020.

Last one week high and low of the scrip stood at Rs. 254.60 and Rs. 234.90 respectively. The current market cap of the company is Rs. 1804.43 crore.

The promoters holding in the company stood at 69.85%, while Institutions and Non-Institutions held 10.93% and 19.22% respectively.

Balu Forge Industries has signed a Memorandum of Understanding (MOU) with the Government of Karnataka for the construction of new facility that would spread over 25 Acres (over 100,000 m²) in Belgaum, Karnataka. The new facility will not only act as a Manufacturing Centre but will also be setup as a Technology & Innovation Campus with a strong focus on Integrated Defence Research & Production, Cylindrical Cell Production for Electric Vehicles, Components Suitable for New Energy Vehicle Drivetrains & Powertrains, Spent Battery Recycling to name a few but not limited to the same.

Balu Forge Industries was engaged in the manufacturing of agricultural machinery such as Tractor trailers, MB ploughs, Spring Cultivators, Reversible Ploughs and Disc Harrow.