Shares of the company are trading higher than 5-day, 20-day, 50-day and 100-day moving averages but lower than 200-day moving averages.
Mumbai: On a day when the Indian benchmark indices tanked over 1 per cent, shares of forging and casting company Balu Forge continued their upward momentum. The stock has been gaining for the last three days and has risen 4.87 per cent in the period. The counter opened in the red at Rs 632.40 against the previous close of Rs 637.65. However, it rebounded and touched the intraday high of Rs 652.90 – a gain of 2.39 per cent from the previous close. Last seen, the counter traded in green at Rs 639.05. Similarly, the stock started the session at Rs 637.05 on the NSE against the previous close of Rs 638. It rebounded later and touched a high of Rs 653.
Stock Performance
The 52-week high of the stock is Rs 890, and the 52-week low is Rs 223. The market cap of the company is Rs 6,994.98 crore.
Shares of the company are trading higher than 5-day, 20-day, 50-day and 100-day moving averages but lower than 200-day moving averages.
The counter has given a multibagger return of 109 per cent in one year and 516 per cent in two years. However, the counter has corrected 19 per cent so far this year.
Meanwhile, Nuvama has given a buy rating on the stock with a target price of Rs 790.
Earlier, the company had acquired three forging lines having a combined capacity of producing 72,000 tonnes of heavy forged products annually for an undisclosed amount.
The units are located in Karnataka, Balu Forge Industries said in a statement on Wednesday.
BFIL announces the acquisition of three forging lines in a combination of hammers and presses capable of producing 72,000 tonnes per annum of heavy forged products, it said.
Broader Market Weakness
The resilience in Balu Force share price came against the backdrop of a steep decline in the broader equity markets. Indian benchmark indices Sensex and Nifty opened sharply lower amid weak global cues and dipped over 1 per cent.
In early trade, the Sensex dropped by 578.3 points, reaching 81,018.33, while the Nifty slipped 203.45 points to 24,610.
