Bharat Forge surges over 3% as Class 8 truck sales touch multi-year high
Sales of North America Class 8 trucks jumped to a multi-year high of 52,400 units in July 2018. This number was 180% yoy higher compared to 18,726 trucks sold in July 2017 and 24% mom higher compared to 42,200 trucks sold in June 2018. Class 8 trucks contribute close to 10% to Bharat Forge Limited’s (BFL) consolidated revenues. Consequently, the stock jumped more than 3% at the high point of the day. As per industry data, Class 8 truck demand is running high due to pick up in infrastructure and high freight demand. In some cases, OEM production is unable to keep pace with demand due to component shortage.
Bharat Forge Ltd is currently trading at Rs652.80 up by Rs18.55 or 2.92% from its previous closing of Rs634.25 on the BSE. The scrip opened at Rs643 and has touched a high and low of Rs668.75 and Rs642.10 respectively. So far 12,23,914 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs29,529.96cr.
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