Ramkrishna Forgings soars on bagging significant business contract worth around Rs 145 crore
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Ramkrishna Forgings is currently trading at Rs. 613.30, up by 18.50 points or 3.11% from its previous closing of Rs. 594.80 on the BSE.
The scrip opened at Rs. 599.95 and has touched a high and low of Rs. 617.90 and Rs. 599.50 respectively. So far 10926 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 617.90 on 17-Aug-2023 and a 52 week low of Rs. 175.50 on 26-Sep-2022.
Last one week high and low of the scrip stood at Rs. 617.90 and Rs. 571.00 respectively. The current market cap of the company is Rs. 9802.89 crore.
The promoters holding in the company stood at 46.27%, while Institutions and Non-Institutions held 20.54% and 33.18% respectively.
Ramkrishna Forgings has bagged significant business contract valued at 16 Million Euros (around Rs 145 crore). The contract, secured under a long-term agreement, spans a duration of 4 years, and solidifies the company's position in the European Original Equipment Manufacturer (OEM) sector.
Having successfully served the same OEM for the past 5 years by supplying Front Axle Components, the company has now been entrusted with the production and delivery of Differential components. This expansion into Rear Axle components stands as a testament to the company’s quality and reliability in the eyes of the OEM, paving the way for further collaboration and growth in their partnership, also enhancing the company's presence in the European market.
The new business marks a key achievement for the company as it leverages its proven track record and expertise to venture into a new realm of automotive components. With this development, the company is poised to strengthen its foothold in Europe by expanding its product range and contributing to the efficiency and performance of vehicles in the region.
Ramkrishna Forgings is engaged in the manufacture of Screw Couplings, Draw Gear Assembly, Snubber Assembly, Hanger, Block Hanger Side Frame Key and various other forgings items of Railway Coaches and Wagon.
