Bharat Forge shares gain 0.67% as Sensex rises
On the technical charts, the RSI of the stock stood at 64.24.
Shares of traded 0.67 per cent up at Rs 1214.5 at 10:40AM (IST) on Wednesday, even as benchmark gained 346.42 points to 74084.87.The stock had closed at Rs 1206.3 in the previous session. The stock quoted a 52-week high price of Rs 1330.0 and 52-week low of Rs 748.2, respectively. As per BSE data, total traded volume on the counter till 10:40AM (IST) stood at 4488 shares with a turnover of Rs 0.55 crore.
At the current price, the stock traded at 58.5 times its trailing 12-month earnings per share of Rs 20.74 per share and 5.35 times its price-to-book value, exchange data showed.
A higher P/E ratio shows investors are willing to pay a higher share price today because of growth expectations in the future.
Price-to-book value indicates the inherent value of a company and reflects the price investors are ready to pay even for no growth in the business. The stock's Beta value, which measures its volatility in relation to the broader market, stood at 1.45.
Shareholding Details
Promoters held 45.25 per cent stake in the company as of 31-Mar-2024, while FIIs owned 16.47 per cent and DIIs 19.82 per cent.
Technicals
On the technical charts, the relative strength index (RSI) of the stock stood at 64.24. The RSI oscillates between zero and 100. Traditionally, it is considered overbought condition when the RSI value is above 70 and oversold condition when it is below 30. Chartists say, RSI should not be seen in isolation, as it may not be sufficient to take a trading call, just the way fundamental analysts cannot give a'buy' or'sell' recommendation using a single valuation ratio.
Source: Stocks-Markets-Economic Times
