Bharat Forge surges on increased Class 8 truck sales
North America Class 8 truck sales spurted in the month of July, exciting the stocks of auto component companies supplying to the US market, in the morning session on Friday.
For July, North America Class 8 truck sales registered in three-fold increase on a year on year basis. The sales were at an all-time high of 52,400 units versus 18,726 units in the corresponding quarter a year ago. The previous high was 52,194 units in March 2006, said ACT Research Company, a firm tracking the US truck data. The increase in sales is in the back of strong orders from dealers who are expecting the US trucking industry to remain strong in 2019
Among components stocks, Bharat Forge, Ramkrishna Forgings, GNA Axels, Automotive Axles were trading in green on Friday. The stock of Bharat Forge was trading at Rs. 652.95 per share, down 2.95 per cent, Ramkrishna Forgings was at Rs. 657.00, down 0.71 per cent, GNA Axles was at Rs. 421.55, up by 1.52 per cent, in morning trade on Friday.
Meanwhile, the auto index was upbeat with Nifty Auto was at 10,821.50 points or up by 0.82 per cent, while BSE Auto was at 24210.57 points, up by 208.91 points or 0.87 per cent.