Ramkrishna Forgings is up and about today. The stock, which had closed yesterday at Rs.782.60, opened today at Rs.789 and went up to an intraday high at Rs.846, with volumes going up almost 2-times.
The stock price rose after it announced a partnership with an American axle manufacturer for the light vehicle (LV) segment.
This is for or an estimated business of Rs. 70 crore, over a 5-year period, wherein the products will be used in the Rear Axle applications.
The company manufactures forged products. Its annualized installed capacity after commissioning of Hollow Spindle Line, a new 7000 Ton Press Line, a 2000 Ton warm/hot Forming Press and a fabrication facility is 187,100 MT. Headquartered at Kolkata, the company has state-of-the-art manufacturing facilities at Jamshedpur along with offices at Detroit in USA, Toluca and Monterrey in Mexico, Istanbul in Turkey having warehousing facilities at Hagerstown, Louisville, Detroit in USA, Toluca, Monterrey in Mexico and Westerloo in Belgium.