Balu Forge
Balu Forge shares skyrocket 10% after IT raid ends – investors breathe a sigh of relief!
Mumbai/IBNS: Balu Forge Ltd. saw its share prices rise by 10% on Tuesday, marking its first gains of the new year 2026, media reports said.
The surge reversed an eight-day losing streak, during which the company’s shares had tumbled 27%.
The growth comes after Balu Forge, in an exchange filing, confirmed that the search operation conducted by the Income Tax Department under the Income Tax Act, 1961, has concluded. The operation had commenced on January 7.
"The company, its promoters, and key managerial personnel fully co-operated with officials and provided all documents, clarifications, and details sought. No incriminating documents were found or seized during the operation," the filing, quoted by CNBC TV18, stated.
Balu Forge Industries Ltd., based in Mumbai, is a precision engineering and manufacturing company established in 1989. It is listed on the BSE and NSE under the code BALUFORGE. The company produces fully finished and semi-finished forged components, including crankshafts and other machined parts, catering to sectors such as automotive, commercial vehicles, railways, defence, aerospace, oil & gas, marine, and industrial machinery.
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