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Business News/ Markets / Stock Markets/  Stock market today: Bharat Forge shares hit lifetime high ahead of Q3 results 2024. Buy or sell?
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Stock market today: Bharat Forge shares hit lifetime high ahead of Q3 results 2024. Buy or sell?

Q3 results today: Bharat Forge Ltd may report better-than-expected Q3 results 2024, say experts

Stock market today: Bharat Forge may go up to ₹1357 apiece level if the company manages to report Q3 results 2024 as per teh market estimates, say experts.Premium
Stock market today: Bharat Forge may go up to 1357 apiece level if the company manages to report Q3 results 2024 as per teh market estimates, say experts.

Stock market today: Bharat Forge shares witnessed buying interest in the opening bell and touched a new lifetime high on Monday. In the early morning session, Bharat Forge share price opened upside at 1,324 apiece level on NSE and went on to touch an intraday high of 1,330 per share level, which turned out a new high for the scrip. However, the defense and aerospace stock witnessed profit-booking on higher levels and soon touched an intraday low of 1,306.55 per share on NSE.

According to stock market experts, Bharat Forge Limited is going to declare its Q3 results today and the market is estimating better quarterly numbers from the company. They said that the company's order book has strengthened after new defense orders in the October to December 2023 quarter, which is expected to boost EBITDA in Q3FY24. They went on to add that the company's margins may also improve provided the company reports a sustained number in its core business. They advised Bharat Forge shareholders to hold the scrip for the short-term target of 1357 per share.

Bharat Forge Q3 results 2024 preview

Expecting strong Bharat Forge Q3 results today, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Bharat Forge has logged defense deals during Q3FY24, which is expected to boost the company's EBITDA. The market is expecting improved EBITDA margins of the company as well provided it manages to sustain its core business during the October to December 2023 quarter."

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Gorakshkar went on to add that the company has received strong orders in the commercial vehicle segment and it has a presence in commercial aerospace as well. He said that the company has a presence in the mining business as well. So, there is also a possibility that Bharat Forge may report better-than-expected Q3 numbers in the current fiscal.

Bharat Forge share price target 2024

Expecting a bounce back in Bharat Forge shares, Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher said, “Bharat Forge share has indicated a higher bottom formation near the significant 50EMA level of 1190 zone and with a decent pullback witnessed has currently given a breakout above 1300 zone to trigger for fresh upward move. With the RSI well placed, we anticipate further rise for an initial upside target of 1357 keeping the stop loss of 1290."

On the suggestion to fresh investors, the Prabhudas Lilladher expert maintained that fresh entry in the stock can be made at the current market price. However, he advised strict stop loss at 1290 apiece.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 12 Feb 2024, 10:55 AM IST
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