New Delhi, March 9 -- Bharat Forge Ltd stock hit an all-time high of Rs.1,935.50 on Friday. It's up 24% so far in 2026, making it the best performer in the Nifty Auto index. Ashok Leyland Ltd is a distant second, up 4%. The auto index itself is down 8% over this period.

Both stocks are a play on the commercial vehicle (CV) upcycle in India, so what explains Bharat Forge's solid beat? The stock's recent rally began after the Indo-US trade deal announced on 2 February slashed US tariffs on Indian imports from 50% to 18%. It could drop further to a maximum of 15%, and that too for 150 days at most, following the US Supreme Court's annulment of some of the Trump administration's tariffs.

The tariff reduction brings huge relief to Bharat For...