Bharat Forge hits 52 week high

Bharat Forge reported stellar results for the quarter ended Sept 30, 2017 on Wednesday. Total sales for Q2FY18, arrived at Rs. 1,258 cr, representing a 0.02% sequential increase and 34.42% Year on Year increase. Operating profit for the recently concluded quarter figured to Rs. 291.3 cr and the Earnings before Interest & Taxes margin stood at 23.2%. The company reported Profit after tax of Rs. 203.7 cr, which represents a sequential QoQ increase of 16.4% and a YoY increase of 60.6%. The stock today opened at Rs. 720 and hit a 52-week high of Rs. 733.65 on the BSE. Bharat Forge has also declared an interim dividend of Rs. 2 per equity share of face value of Rs.2.00

Bharat Forge Limited is a Pune-based Indian multinational company involved in automotive, oil and gas, power, locomotive, construction, mining, marine and aerospace industries. 

Indo Rama Synthetics Ltd announces Q2 results

Indo Rama Synthetics (India) Limited, the largest Manufacturer of polyester fibre, yarn & polyester chips in India, today announced its unaudited results for the quarter ended Sept 30, 2017. For the quarter ended Sept 30, 2017, the Company achieved net revenue of Rs.618.01 cr versus Rs.593.44 cr in the previous quarter, an increase of Rs.24.57 cr, over previous quarter. The operational EBIDTA for the quarter was Rs.17.21 cr as compared to Rs.5.75 cr in the corresponding quarter of last year. The Company has reported a net loss of Rs.17.67 cr during the quarter ended Sept 30, 2017 as compared to net loss of Rs.14.69 cr in corresponding quarter, last year.

HDFC Life Insurance IPO Opens For Subscription till Nov 9

HDFC Standard Life Insurance Company (HDFC Life) aims to go public with its IPO, which opened today and will close on 9 November 2017.  HDFC Life issue was subscribed 5% at 11:45 am, as per NSE data.

HDFC Life has expected to garner Rs 8,695.01 crore at the upper end of the price band through its share sale in a 3-day bidding process starting today. The company has set a price band of Rs 275 - 290 for its IPO, in which HDFC will offload 9.52% and Standard Life will do 5.4% each. 

The total number of shares on sale are 29.98 crore with each having a face value of Rs.10. After the IPO, HDFC Life's market cap will range between Rs. 55,247 crore and Rs. 58,260 crore at the lower and upper share price, respectively.