Kalyani Rafael Triumphs: Seals Rs 287.51 crore contract, stock hits new 52-week high

Today, the bulls of Dalal Street concluded the market on a positive note, with both the Sensex and Nifty registering gains of 0.27% and 0.24%, respectively.

In this optimistic market sentiment, the shares of Bharat Forge Limited zoomed by 2.60%. Additionally, the stock hit a fresh 52-week high mark of Rs 1056 apiece on BSE. The company’s current market capitalization is 48,803.13 crore.

From a technical perspective, as of August 28, the stock’s 200-day moving average (DMA) stood at Rs 836.60, while the 50-DMA was observed at Rs 911.56. With the current price at Rs 1049.50. In the recent crossover, the 50-DMA has surpassed the 200-DMA, signalling a robust and sustained upward rally over the long term.

The driving force behind this rally was the securing of an order by the company’s wholly-owned subsidiaries. Details are as follows:

Kalyani Rafael Advanced Systems Private Limited, a collaborative venture between Kalyani Strategic Systems Limited (a wholly-owned Defence subsidiary of Bharat Forge Limited) and Rafael Advanced Systems Limited of Israel, has secured an order worth Rs 287.51 crore, from the Indian Ministry of Defence for the provision of Missile Systems. The order is slated for execution over the upcoming twelve months.

Kalyani Strategic Systems Limited was established as a flagship entity to spearhead defence-related endeavours.

With over five decades of expertise in design, engineering, metallurgy, and manufacturing, the Group has evolved into a prominent defence player in India. This stature is fortified by the capabilities of its entities at strategic locations across the country.

About Bharat Forge Limited

Bharat Forge specializes in the manufacturing and sale of forged and machined components for the automotive and industrial sectors.

In addition to this, the stock has achieved multi-bagger status. It has gained momentum in the past year giving more than 43% returns. Moreover, the stock has surged more than 108% in the last 3 years.

Keep a close eye on this trending stock.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.