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Bharat Forge firms up after picking strategic stake in UK's Tevva Motors
13-Jun-18   11:50 Hrs IST
The announcement was made at the fag end of the trading session yesterday, 12 June 2018. Shares of Bharat Forge rose 0.78% to Rs 653.20 yesterday, 12 June 2018.

Meanwhile, the S&P BSE Sensex was up 129.52 points, or 0.36% to 35,822.04.

On the BSE, 30,000 shares were traded in the counter so far compared with average daily volumes of 41,000 shares in the past two weeks. The stock had hit a high of Rs 668.20 and a low of Rs 653.60 so far during the day. The stock hit a record high of Rs 799.65 on 1 March 2018. The stock hit a 52-week low of Rs 526.50 on 28 June 2017.

Bharat Forge announced a strategic investment of £10 million in Tevva Motors (Jersey) (Tevva), a company incorporated and registered under the Companies (Jersey) Law 1991 carrying out its operations from Chelmsford, UK. Tevva provides electric powertrain solutions for commercial vehicles & buses in the 7.5 -14 T weight category. This is soon to be extended for the development of new commercial vehicles, especially trucks and buses.

By virtue of this investment, Bharat Forge has also acquired a license for commercialisation of the Tevva technology within India and for strengthening its research and development activities in the e-mobility space.

The investment helps position Bharat Forge at the forefront in the fast-growing EV market to identify technology trends and co-develop solutions for electric mobility in India and abroad. Bharat Forge aims to create a range of products to complement the requirements of original equipment manufacturer (OEMs), thereby growing its revenue per vehicle.

Net profit of Bharat Forge declined 51.65% to Rs 100.33 crore on 30.29% rise in net sales to Rs 1466.61 crore in Q4 March 2018 over Q4 March 2017.

Bharat Forge is a technology driven global leader in metal forming having transcontinental presence across ten manufacturing locations, serving several sectors including automotive, power, oil and gas, construction & mining, rail, marine and aerospace.

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