Bharat Forge shares hit 8-year high on Goldman Sachs upgrade
Goldman also upgrades Ashok Leyland, saying both stocks could benefit from any macro improvement at home and abroad
Mumbai: Bharat Forge Ltd shares rose 2.4% 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 US, 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 shares were trading up 1.7% to ₹ 443.50 at 12:54pm on BSE on Wednesday, while those of Ashok Leyland were up 3.4% to ₹ 23.90. Reuters
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