What is the story about?
Shares of Balu Forge Ltd. jumped as much as 10% on Tuesday, January 13, snapping an eight-day losing streak in the process.
This is also the first day of gains for the stock in 2026. During the eight-day losing streak, the stock had declined 27%.
In an exchange filing, Balu Forge highlighted that the income tax department carried out a search under the Income Tax Act, 1961, at some of its offices and manufacturing units. The probe, which began on January 7, has concluded today.
"The company, its promoters and key managerial personnel has fully co-operated with the officials and provided all documents / clarifications / details sought by them. No incriminating documents were found or seized by the department during their operation," the filing stated.
Balu Forge went on to mention that the business operations and production of the company continue as usual and have not been impacted, neither is there any material advance impact on the company's financials.
The company added that it will continue to provide additional information as and when needed.
Balu Forge is a manufacturer of Crankshafts, which are used in industries such as automotive, agricultural, marine and industrial.
Shares of Balu Forge are currently trading 7.8% higher on Tuesday at ₹475.9.
This is also the first day of gains for the stock in 2026. During the eight-day losing streak, the stock had declined 27%.
In an exchange filing, Balu Forge highlighted that the income tax department carried out a search under the Income Tax Act, 1961, at some of its offices and manufacturing units. The probe, which began on January 7, has concluded today.
"The company, its promoters and key managerial personnel has fully co-operated with the officials and provided all documents / clarifications / details sought by them. No incriminating documents were found or seized by the department during their operation," the filing stated.
Balu Forge went on to mention that the business operations and production of the company continue as usual and have not been impacted, neither is there any material advance impact on the company's financials.
The company added that it will continue to provide additional information as and when needed.
Balu Forge is a manufacturer of Crankshafts, which are used in industries such as automotive, agricultural, marine and industrial.
Shares of Balu Forge are currently trading 7.8% higher on Tuesday at ₹475.9.
