Ramkrisha Forgings, which had closed yesterday at Rs.1105.30, opened today at Rs.1114 and went on to hit a new 52-week high at Rs.1187.
The stock price hit the roof after the company announced today that it has signed a Memorandum of Understanding (MOU) with a US based technology partner for the development of Electric Vehicle Powertrain components for the Indian EV market. This marks the foray in a big way for both the entities into the EV market in India.
The technology partner is a leading expert in magnetic engineering innovations. Their expertise lies in efficiency enhancement which bestow a superior hallmark over its peers in the various industries they operate in.
The company is one of the leading suppliers of rolled, forged and machined products.