Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Buy Bharat Forge : Brokerage Report

49 sec read

Bharat Forge
Research:Edelweiss
Rating:Accumulate

Edelweiss has maintained its ‘accumulate’ rating on Bharat Forge (BFL) from a long-term perspective. The company is currently in a phase of de-risking its current line of business and expanding forging capabilities to new non-automotive sectors such as oil and gas, railways, aerospace and defence. BFL is optimistic about the domestic commercial vehicle (CV) market and expects the CV demand to grow almost 10% in FY09E.

It expects a revival in sales to the US CV market from Q3 FY09E onwards. BFL hopes to improve operating margins of its overseas subsidiaries by 100 bps to ~9% over the next year, with efforts like product and process rationalisation constantly underway at every plant. The company is targeting utilisation levels of ~50-60% by the first full year of production. BFL’s margins are likely to start improving, given the commencement of its higher margin non-auto business, expected bounce-back in exports to the US and better sequential performance of its subsidiaries.

The company has also signed a memorandum of understanding (MoU) with National Thermal Power Corporation (NTPC) for investing in a new joint venture (JV) facility to manufacture components for power plants. It’s a 51:49 JV where the timelines for investments and execution are yet to be decided. Production at this facility is likely to begin in ~18 months from the start of construction.

 

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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