22, February, 2024
HomeBusinessBharat Forge Shares Soar to Record High Ahead of Q3 Results 2024: Investment Insights

Bharat Forge Shares Soar to Record High Ahead of Q3 Results 2024: Investment Insights

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In today’s stock market action, Bharat Forge shares witnessed a surge, hitting a lifetime high in anticipation of the company’s Q3 results for the year 2024. The opening bell saw significant buying interest, propelling the share price to a new peak.

Read Also | Bharat Forge Inks Rs 1,000-Crore Investment Pact with Tamil Nadu Government

As the day unfolded, Bharat Forge’s stock price touched an intraday high of ₹1,330 per share on NSE, marking a significant milestone for the company. However, profit-booking activities led to a temporary dip, with the stock touching an intraday low of ₹1,306.55 per share on NSE.

Anticipation and Expert Analysis: Stock market experts weigh in on the upcoming Bharat Forge Q3 results, expressing optimism about improved quarterly numbers. The surge in the company’s order book, particularly from new defense orders in the October to December 2023 quarter, is expected to boost EBITDA in Q3FY24. Experts suggest that the company’s margins may witness improvement, contingent upon the sustained performance in its core business. Shareholders are advised to hold onto the stock, with a short-term target set at ₹1357 per share.

Previewing Bharat Forge Q3 Results 2024: Avinash Gorakshkar, Head of Research at Profitmart Securities, anticipates strong Q3 results, attributing it to defense deals logged during Q3FY24. The market expects enhanced EBITDA margins, provided the company maintains its core business strength in the October to December 2023 quarter. With a presence in the commercial vehicle, commercial aerospace, and mining sectors, there is potential for better-than-expected Q3 numbers in the current fiscal.

Share Price Target 2024: Technical Analyst Shiju Koothupalakkal from Prabhudas Lilladher predicts a bounce back in Bharat Forge shares. With indications of a higher bottom formation and a breakout above ₹1300, a further rise is anticipated. The initial upside target is set at ₹1357, with a suggested stop loss at ₹1290 for investors considering entry at the current market price.

Read Also | Exploring the Hottest IPOs in India’s Soaring Stock Market Right Now

As investors navigate the dynamic movements of Bharat Forge shares, the blog provides valuable insights into the market sentiment, expert analyses, and expectations surrounding the imminent Q3 results for 2024.

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