Sundaram Trading buys 25lakh shares of Bharat Forge for Rs 65cr

Written by PTI | Mumbai | Updated: Sep 19 2013, 01:12am hrs
Sundaram Trading and Investment today acquired nearly 25 lakh shares of Pune-based auto component-maker Bharat Forge for Rs 65.47 crore through open market route.

According to bulk deal data available with the BSE, Sundaram Trading, a promoter entity, picked up 24,89,525 scrips, amounting to 1.06 per cent stake, of Bharat Forge.

The shares were purchased on an average price of Rs 263 valuing the transaction to Rs 65.47 crore, data showed.

Last week, Sundaram Trading bought 84.31 lakh shares of the auto component maker for an estimated Rs 250 crore through open market route.

As of June quarter, Sundaram Trading held 2.09 crore shares, equivalent to 9.01 per cent holding, of Bharat Forge.

For the quarter ended June 30, 2013, Bharat Forge reported a 13.88 per cent decline in its stand alone net profit at Rs 90.60 crore due to slowdown in the automotive market.

The company's total sales decreased to Rs 771.65 crore in the April-June quarter against Rs 916.25 crore during the same period last year.

Bharat Forge shares today slipped by 0.65 per cent to close the trade at Rs 260.90 apiece on the BSE.