Bharat Forge to Raise Rs 2,000 Crore, Focuses on Diversification Amid Global Challenges

Bharat Forge's board approves raising Rs 2,000 crore through various debt instruments to boost growth amid challenges in US and European markets. Despite declining US exports, the company sees strong domestic growth and expansion in non-US markets. Shares rose 5.62%, closing at Rs 1,401.80.

Bharat Forge announced on Tuesday that its board has approved raising up to Rs 2,000 crore through an assortment of financial instruments, including term loans and non-convertible debentures. This strategic decision aims at bolstering the firm's financial strength amid challenging market conditions.

The Pune-based company's net profit rose to Rs 299 crore for the July-September quarter compared to Rs 243 crore in the previous year. Revenue from operations increased to Rs 4,032 crore, up from Rs 3,688 crore year-on-year, according to a regulatory filing.

The firm faces headwinds in the US and European markets, but Chairman and Managing Director Baba Kalyani expects robust growth from domestic operations and non-US exports, especially in defence and aerospace sectors. Shares closed 5.62% higher on the BSE at Rs 1,401.80.

(With inputs from agencies.)