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Hold Bharat Forge; target of Rs 430: ICICI Direct


ICICI Direct recommended hold rating on Bharat Forge with a target price of Rs 430 in its research report dated August 14, 2019.

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ICICI Direct's research report on Bharat Forge

Bharat Forge reported weak numbers in Q1FY20. Standalone revenues came in at Rs 1,347 crore, down 8.6% YoY (domestic revenues down 7.4% YoY and export revenues down 10.8% YoY), tracking 8.9% drop in total shipment tonnage to 60,874 MT. Standalone EBITDA stood at Rs 350 crore, down 17.2% YoY, with attendant EBITDA margins at 26.0% (down sharply ...


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