Share price of Bharat Forge falls as Nifty weakens

Shares of Bharat Forge Ltd. slipped 2.4 per cent to Rs 673.35 in Tuesday's trade as of 01:24PM (IST). The stock hit a high price of Rs 698.35 and low of Rs 669.4 during the session.

The return on equity (ROE) for the stock stood at 16.46 per cent. Traded volume on the counter stood at 01:24PM shares and turnover at Rs 1.99 crore around that time. The stock of Bharat Forge Ltd. quoted a 52-week high price of Rs 848.0 and 52-week low prices of Rs 595.85, respectively.

The stock's Beta value, which measures its volatility in relation to the broader market, stood at 1.45.

Promotor/FII Holding
Promoters held 45.25 per cent stake in the company as of 31-Mar-2022, while foreign investors held 19.8 per cent and domestic institutional investors had 17.64 per cent.

Key Financials
The company reported consolidated sales of Rs 3656.05 crore for the quarter ended 31-Mar-2022, up 50.54 per cent from previous quarter's Rs 2428.64 crore and up 71.23 per cent from the year-ago quarter's Rs 2135.23 crore. Net profit after tax for the latest quarter stood at Rs 235.72 crore, up 13.0 per cent from the same quarter a year ago.

Technicals
The MACD signalled a bullish bias on the counter. The MACD is known for signalling trend reversals in traded securities or indices.
It is the difference between the 26-day and 12-day exponential moving averages. A nine-day exponential moving average, called the signal line, is plotted on topof the MACD to reflect "buy" or "sell" opportunities. When the MACD crosses below the signal line, it gives a bearish signal, indicating that the price of the security may see a downward movement and vice versa.