Bharat Forge hits 8 year high on Goldman upgrade

Tags: Companies
Shares in Bharat Forge rose as much as 1.73 percent to their highest level since April 2006 after Goldman Sachs upgraded the auto components maker to "neutral" from "sell" as part of its preference for cyclical shares over defensive ones.

Goldman also upgraded truck maker Ashok Leyland Ltd to "neutral" from "sell," saying both stocks could be beneficiaries of any macro improvement at home and abroad.

The investment bank said Bharat Forge would benefit from improved truck demand from the European Union and the United States, as well as favourable raw material and currency exchange rates.

For Ashok Leyland, Goldman said the stock would benefit from improved domestic demand at home.

Bharat Forge was up 1.71 percent to 444.30 rupees, while Ashok Leyland was up 2.82 percent to 23.70 rupees at 11:29 a.m.

EDITORIAL OF THE DAY

  • Finalising the formula for fixing the fair market value of shares calls for a detailed debate

    Whenever there is a change of regime at the Centre, the new government has its tasks cut out for execution.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Roopen Roy

High CEO pay and the gaps it leaves

Unlike the UK, Norway took a remarkable decision with its ...

Zehra Naqvi

Watch your words, for they can kill

You must’ve heard the ph­rase ‘if looks could kill’. Ever ...

Dharmendra Khandal

Biodiversity day has come and gone. Yet again

Every year on May 22, world celebrates international biodiversity day. ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture