Shares of Bharat Forge Ltd. can decline 19% from current levels, brokerage firm Morgan Stanley wrote on Friday, October 24, just a day after the company announced a large order win.

Morgan Stanley has an "equal weight" rating on the stock with a price target of ₹1,050 per share. The stock ended at ₹1,300.1 on Thursday.

In response to reports, Bharat Forge, in an exchange filing on Thursday, stated that it was selected as the L1 bidder for the supply of 60% of the 4.25 lakh CQB Carbines. Bharat Forge had submitted bids for the program in March 2023.

The company said further that the contract finalization process is underway with the Ministry of Defence, and the contract is not signed as on date.

At the end of June, Bharat Forge's defence orderbook stood at ₹9,460 crore. With the addit

See Full Page