Buy Bharat Forge, target of 295: IndiaInfoline

By SiliconIndia   |   Friday, November 27, 2009   |    8 Comments
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Bangalore: IndiaInfoline (IIFL) is bullish on Bharat Forge and has recommended buy rating on the stock with a target of Rs. 295. According to IIFL, on Wednesday, Bharat Forge attempted to breakout past the top of a trading range between Rs. 282-260. A move above Rs. 282 levels could take the stock to a one-month high. Bharat Forge operates in two segments: Forgings and general engineering. The main segment is forgings. General engineering is a fabrication unit, which constitutes a miniscule portion of the company's activities. As of March 31, 2009, Bharat Forge had manufacturing operations with four plants in India, three plants in Germany, two plants in China and one plant each in Sweden, Scotland and the U.S. Recently, it was reported that the company is planning to make a foray into the power sector with an investment of up to Rs. 50,000 crore and a targeted generation capacity of up to 10,000 megawatts, over the next 10 years. IIFL says, if the volume pattern is maintained in the coming trading sessions, Bharat Forge could attempt Rs. 295 and above. Moreover, the stock has given a close above its short-term moving averages. With the recommended target price of Rs. 295, if the stock is bought at Thursday's closing price of Rs. 264.25, the percentage of gain would be 11.63 percent.
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