Ramkrishna Forgings shares gain 5% on winning $220-million contract

The company’s net profit jumped 42 percent in the quarter ended December 31, 2023 at Rs 86.86 crore.

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Ramkrishna Forgings share price gained 5 percent intraday on February 20 after the company secured a contract worth $220 million in the North American market. This contract spans over a decade and marks the company’s foray into a new vertical within the forging sector, focusing on supplying Tier 1 customers in the Light Vehicle segment across North America, the company said in a release.

The order win solidifies the Ramkrishna Forgings’s position as a key player in the global market and underscores its commitment to innovation, quality, and customer satisfaction, the release said.

With this venture, the company is poised to further expand its offering in key markets and contribute significantly to the automotive industry’s supply chain and aims to deliver top-notch products that meet and exceed the rigorous standards of the automotive industry, it added.

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Earlier in February, the company was awarded a contract valued at $ 13.16 million (Rs 1,092 million) for the supply of rear axle components and services for the off-highway sector for the next four years.

The company’s net profit jumped 42 percent in the quarter ended December 31, 2023 at Rs 86.86 crore.