Ahead of the Q3 results, Bharat Forge shares reach a lifetime high. Should you buy?

During the opening bell on Monday, Bharat Forge shares saw buying interest and reached a new all-time high. Bharat Forge’s share price opened higher in the early morning session on the NSE at ₹1,324 per share. It then reached an intraday high of ₹1,330 per share, which ended up being a new high for the scrip.

Stock market experts predict that Bharat Forge Limited will release its Q3 results today, and the market will likely see higher quarterly results from the business. They said that more defense orders from October to December had bolstered the company’s order book.

Bharat Forge Q3 results

Avinash Gorakshkar, Head of Research at Profitmart Securities stated, “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.”

Gorakshkar continued, “The company has a presence in commercial aerospace and has received strong orders in the commercial vehicle segment.” According to him, the company is also involved in the mining industry.

Shares target

Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher mentioned, “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.”