Bharat Forge’s shares increased by over 2% on Thursday following the announcement that its subsidiary, Kalyani Strategic Systems (KSSL), has received a defence license for its Jejuri unit.
Key Updates
- Defence License Approval:
- Authority: Department for Promotion of Industry & Internal Trade (DPIIT)
- Act: The Industries (Development and Regulation) Act, 1951
- Scope: Manufacture of various defence products designed for military applications
- Implications:
- KSSL can now participate in potential future defence programs.
- The license is effective indefinitely, subject to compliance with specified terms and conditions.
Company Overview
- Products and Sectors: Bharat Forge produces critical components for various sectors, including automobiles, oil & gas, aerospace, and more.
- Recent Financial Performance:
- Net Profit: Increased by 59.23% to ₹389.65 crore for the quarter ending March 31, 2024, compared to ₹244.52 crore for the same period in 2023
As of 9:40 AM, Bharat Forge shares were trading 1.76% higher at ₹1,764.00 on the NSE.
