Bharat Forge hits 8 year high on Goldman upgrade

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

  • The talent to make things grow big must be rewarded without a ceiling

    Executive pay has always been a hotly debated topic, mainly because it involves a lot of money.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Roopen Roy

How leaders groom future leaders

As writer Tom Peters said, “Leaders do not create followers, ...

Rajgopal Nidamboor

Pluralistic essence of our being

Our new understanding of the mind through the rapidly expanding ...

Dharmendra Khandal

Have you spotted those wasps, yet?

Wasps are insects that ride on the monsoon winds. I ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture