Bharat Forge shares up 0.78% as Sensex rises

Shares of Bharat Forge Ltd. gained 0.78 per cent to Rs 1116.65 in Friday's session as of 10:40AM (IST) even as the equity benchmark Sensex traded 144.7 points higher at 67663.7.

Earlier in the day, the stock witnessed a gap up start to the session. The stock quoted a 52-week high price of Rs 1142.5 and a 52-week low of Rs 677.85 on NSE. Around 26696 shares changed hands on the counter till 10:40AM (IST).

The stock opened at Rs 1133.75 and has touched an intraday high and low of Rs 1142.5 and Rs 1112.55 during the session so far. The scrip quoted a price-to-earnings (PE) ratio of 73.84, earnings per share (EPS) of Rs 15.09 and price to book value (PB) of 5.35, while the return on equity (ROE) stood at Rs 7.87.

Promoter/ FII Holding
The promoters held 45.25 per cent stake in the company as of September 15, while FII and MF ownerships stood at 15.79 per cent and 20.28 per cent, respectively.

Key Financials
With a market capitalisation of Rs 51866.57 crore, the company operates in the Auto Ancl - Others industry. For the quarter ended 30-Jun-2023, the company reported consolidated sales of Rs 3941.42 crore, up 6.9 per cent from the previous quarter?s Rs 3686.85 crore and up 36.66 per cent from the same quarter a year ago. The company reported net profit of Rs 223.4 crore for the latest quarter, up 35.85 per cent from the corresponding quarter last year.

Technical Indicators
The relative strength index (RSI) of the stock stands at 69.44. The RSI oscillates between zero and 100. Traditionally, it is considered overbought condition when the RSI value is above 70 and oversold condition when it is below 30. Analysts say the RSI indicator should not be seen in isolation, as it may not be sufficient to take a trading call, just the way a fundamental analyst cannot give a "buy" or "sell" recommendation using a single valuation ratio.