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Morgan Stanley maintains equal-weight on Bharat Forge, target price Rs 401

Equal Weight Bharat Forge Ltd. at a price target of Rs 401.0 .

Last Updated: Oct 14, 2019, 08.53 AM IST
Morgan Stanley has maintained equal-weight rating on Bharat Forge in the long term with a target price of Rs 401. The stock ended down 1.4% at Rs 418.05 on Friday while the BSE Sensex closed 246.68 points up at 38,127.08.

Company Financials

For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 2327.86 crore, down -12.84% from last quarter sales of Rs 2670.78 crore and down -3.56% from last year same quarter sales of Rs 2413.70 crore. The company has reported net profit after tax of Rs 177.52 Crore in latest quarter.

Investment Rationale

The company is working towards getting product approvals and rampingup sales in new segments like aviation, railways, defense and emobility, the brokerage said. The company’s new business forays are impressive and execution will be key to monitor, said Morgan Stanley. The brokerage has maintained an equal-weight rating citing weak near term outlook due to slowdown in India in FY20 and US business in FY21.

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