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Ramakrishna Forging Limited Shares: Shares of Ramakrishna Forging saw strong buying on Thursday amid sluggish stock markets. The stock rose nearly 4 percent during the day to Rs. 680.45 was reached. At the same time, the share price was Rs 669.60 at the close of business. It represents an increase of 2.57% over the previous day. The reason for the increase in shares is the large order received by the company.
156 crore contract was awarded
In fact, Ramakrishna Forgings to supply transmission and engine parts for Eurasian farm equipment customers for Rs. 156 crore contract was obtained. The company said the contract has been extended for four years. The annual contract is worth approximately 4.31 million euros. Under the terms of this agreement, the company will supply high quality forged and machined parts, especially transmission and engine parts.
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This month, the company bagged commercial parts orders worth USD 13.65 million (approx. Rs. 107 crore) and 16 million Euros (approx. Rs. 1,450 crore) for supply of rear axle and transmission parts from customers in the North American region. million). happened This is a 4 year contract.
The owner of the company sold the entire stake, investors started buying shares in a hurry.
June quarter results
For the quarter ended June 2023, the company’s net profit rose 63 percent to Rs. 76.97 crore and the total revenue increased by 28 percent to Rs. 835.95 crores. On August 22, the main bench of the National Company Law Tribunal had ‘verbally’ approved the company’s plan to acquire JMT Auto. Auto component maker JMT Auto, its lender Axis Bank Rs. 60.27 crore is under corporate insolvency proceedings from February 2022 due to loan default.