Bharat Forge to raise upto Rs 2,000 crore

New Delhi, Nov 11 (PTI) Bharat Forge on Tuesday said its board has accorded approval to raise upto Rs 2,000 crore through various instruments including term loan, non-convertible debentures or any other debt instruments.

The board has accorded in-principal approval for raising funds not exceeding Rs 20,00 core through term loan, non-convertible debentures or any other debt instruments and delegated authority to investment committee – strategic business in this regard, the Pune-based firm said.

The company has reported a net profit of Rs 299 crore as compared with Rs 243 crore in the July-September quarter of last fiscal.

Revenue from operations stood at Rs 4,032 crore for the second quarter as compared with Rs 3,688 crore in the year-ago period, the company said in a regulatory filing.

"The US & European operations saw weakness driven by seasonality and prevailing sentiments. Review of the European steel manufacturing footprint is on track, and we expect to have concrete measures in place by the end of this fiscal,” Chairman and Managing Director Baba Kalyani said.

Given the challenging demand conditions in North America, the company is witnessing exports into that region declining further in H2 FY26, he added.

"However, we expect the industrial business across India, exports to non-US geographies and ramp up in defence business to more than offset the weakness in US exports. Our India manufacturing operations focusing on capturing opportunities in Defence, Aerospace, Castings and Aggregates across markets continue to make steady progress in their journey,” Kalyani said.

Shares of the company on Tuesday ended 5.62 per cent up at Rs 1,401.80 apiece on BSE. PTI MSS MSS DR DR