Bharat Forge shares hit a 52-week high of Rs 1,148.05 on 15 September after the company’s United Arab Emirates-based defence business partner Paramount Group said it plans to increase the production of armoured vehicles through its India-based facility.

Paramount Group chief Steve Griessel said, “The global armoured vehicle market is undergoing a monumental shift. We are excited to broaden our partnership to include the development and production of 4×4 and 6×6 Infantry Combat Vehicles for customers around the world.”

Paramount Group manufactures armoured vehicles in India through its partnership with Bharat Forge’s defence subsidiary, Kalyani Strategic Systems.

In a separate filing, the company announced the proposal for an additional investment in its subsidiary, Kalyani Power Train.

The company said that it will subscribe up to 5 crore equity shares with a face value of Rs 10 each of Kalyani Power Train.

The company added, “The funds proposed to be infused in the subsidiary will be further invested by it in the group’s wholly owned step-subsidiary Kalyani Mobility.”

At 3:30 pm, the shares of Bharat Forge closed at Rs 1,133 or 2.24% above its previous close on NSE.