Ramkrishna Forgings surges on securing board approval for setting up manufacturing facility in Mexico
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Ramkrishna Forgings is currently trading at Rs. 766.60, up by 28.25 points or 3.83% from its previous closing of Rs. 738.35 on the BSE.
The scrip opened at Rs. 750.30 and has touched a high and low of Rs. 769.90 and Rs. 750.10 respectively. So far 4286 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 814.95 on 01-Dec-2023 and a 52 week low of Rs. 244.75 on 27-Feb-2023.
Last one week high and low of the scrip stood at Rs. 786.45 and Rs. 718.10 respectively. The current market cap of the company is Rs. 13846.45 crore.
The promoters holding in the company stood at 43.14%, while Institutions and Non-Institutions held 27.21% and 29.65% respectively.
Ramkrishna Forgings has received board approval for commencement of manufacturing and supplies from the Company’s Mexico location. The above operation in Mexico is backed by a 10 year $3.5 million per annum ‘Take or Pay’ agreement for machining components with a North American customer, solidifying the company’s commitment to delivering excellence and reliability in products and services.
The board of directors have also given an approval for an investment of upto Rs 90 crore to establish a facility to manufacture component in PV/LV segment. The new facility will have an installed production capacity of 11,000 metric tonnes per annum. This investment is supported by a long term minimum $10 million per annum ‘Take or Pay’ agreement with a North American customer. This investment shows the company’s confidence in the potential North American market and its commitment to delivering superior quality products to its customers. The above investments will open a sea of opportunities for the company to entertain customers looking for local content in manufacturing of Automotive components in NAFTA.
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.
