Shares of Bharat Forge hit a new all-time high of Rs 1,290 on 9 January after the company announced signing an MoU with Guidance.

In its regulatory filing, the company announced that it had signed an MoU (memorandum of understanding) with ‘Guidance’, which is the nodal agency of the Tamil Nadu government, as part of the Tamil Nadu Global Investors Meet 2024 for a total investment of Rs 1,000 crore for a period of 5 years.

Through this MoU, the company plans to expand its manufacturing footprint in Tamil Nadu.

The company further added that the MoU with Guidance is non-binding and has no material impact on the operations of the company.

During an interview, Baba Kalyani, the Chairman and Managing Director of Bharat Forge, said that the company is on track to achieve a revenue milestone of Rs 20,000 crore in the next two years.

Amit Kalyani, Deputy Managing Director of the company, said that the defence business, industrial business, and aerospace business are large growth drivers that would help the company scale globally.

At 3:30 pm, the shares of Bharat Forge closed 1.51% higher at Rs 1,275 on NSE.