Ramkrishna Forgings Share Price jumped 4 percent in the morning session on March 8 after the company announced partnerships with American axle manufacturers for light vehicle segments (LV).
“The leading axle manufacturer in the US has pushed Ramkrishna Forgings supplier limited products rolled, forged, and machines for Estimated Business Rs 70 Crore for a period of five years, where the product will be used in a rear axle application,” the company said in the submission of exchanges.
Stock traded at Rs 813.70, up RS 31.10, or 3.97 percent, at 10:31 a.m. in BSE. It touched the highest intraday RS 821 and Low Intraday Rs 777.10.
The scrip was traded with a volume of 22,908 shares, compared with an average of five days 17,465 shares, increased by 31.17 percent.
“This gives us a great pleasure to announce that the US axle producers have expressed strong support for our LV business. Our project’s significant recognition in a rear axle application will help us to promote sustainable export revenue growth. Our sustainable efforts to expand in the global market have been Helping us in increasing our export sales and improving our relationship with global customers, “said Milesh Gandhi, Vice President. (Marketing), Ramkrishna Forgings Limited.
“Victory of orders in the future will give us an estimate of RS 70 Crore business for 5 years. This will help us strengthen our presence in a lightweight commercial vehicle segment and also help in increasing our presence in the global market,” he too. Added.
Ramkrishna Forgings is a supplier of various sectors such as automotive, railroad, agricultural equipment, bearing, oil & gas, power and construction, moving & mining, both in India and abroad.
The company is also a supplier of critical safety items for the bottom, bogie and spare parts for trainers and train passenger locomotives. This is a supplier for producers such as Tata Motors, Ashok Leyland, Ve Commercial and Daimler in India and to Volvo, Mack trucks, Iveco, DAF, Scania, Man, UD and Ford Otosan trucks in foreign markets. It supplies globally to 1 axle tier manufacturers such as funds, Meritor and American axles.