Shares of Ramkrishna Forgings gained over 5% in early trade after the rolled, forged, and machined products maker said it has received approval for supply of power train components to USA's largest electric passenger vehicle manufacturer.
Ramkrishna Forgings shares rose 5.43% to Rs 763.80 on BSE. The stock of the forged components maker opened higher at Rs 738.50 today. It has gained 150% in a year. The forgings stock slipped to a 52 week low of Rs 292 on April 18, 2023 and a 52 week high of Rs 814.95 on December 1, 2023.
Total 0.26 lakh shares of the firm changed hands amounting to a turnover of Rs 1.95 crore in Thursday’s session. Market cap of the firm rose to Rs 13,547 crore on BSE.
The approval not only signifies the company's debut in the US EV market but also unlocks a multitude of thrilling new prospects. With a focus on sustainability and efficiency, Ramkrishna Forgings is poised to play a pivotal role in shaping the future of electric mobility, said the firm in a communication to bourses.
Milesh Gandhi, Executive Director, Ramkrishna Forgings Limited said, “We are thrilled to have received an approval from USA's Largest Electric Passenger Vehicle producer to supply power train components. This collaboration speaks volumes about our ongoing commitment to innovate and our capabilities to meet the demands of the EV industry. Drawing from our four-decade-long expertise and know-how in developing and producing forged components, we are proud to offer products that enable our customers to save valuable development time and expedite the market entry. Through our continuous innovations we remain committed to creating value for our customers and contributing to the advancement of sustainable mobility globally."
Ramkrishna Forgings stock has a one-year beta of 0.4, indicating very low volatility during the period.
In terms of technicals, the relative strength index (RSI) of Ramkrishna Forgings stands at 57.3, signaling it's trading neither in the overbought nor in the oversold zone. Ramkrishna Forgings shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 200 day moving averages.
Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel and stainless steel forgings. The company operates through two segments: Forging components and others. The company's products include rolled products, forged products and machined products. The company supplies its products to various sectors, such as automotive, railways, farm equipment, bearings, oil and gas, power and construction, earthmoving, and mining, both in India and overseas markets.