Epic Update Bharat Forge Equity benchmarks maintained uptrend in afternoon trade with the Sensex rising 239.43 points at 27953.80 and the Nifty up 90.45 points at 8641.55, led by banks, infra and oil stocks.
Defence and auto products manufacturer Bharat Forge ‘s first quarter (April-June) earnings disappointed the street with profit falling 37.8 percent year-on-year to Rs 122 crore, impacted by exports business.
However, the stock rallied more than 13 percent because it already priced in bad results and weakness in exports by falling nearly 40 percent in the last one year. Even the company expects the demand in July-September quarter to be slightly higher on sequential basis.
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