Ramkrishna Forgings shares gain on Rs 74 crore worth order from European OEM

Under the terms of this agreement, the company will be supplying front and rear axle components for the next five years.

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Ramkrishna Forgings shares were up 1 percent at Rs 662.25 in the early trade on August 30 after the company bagged an order worth Rs 74 crore from a European original equipment manufacturer (OEM).

The company has been awarded a substantial business contract worth 8.25 million euros (approximately Rs 73.65 crore) by a prominent European OEM and Tier 1 supplier. As per the agreement, the company supply front and rear axle components for the next five years.

“This contract reflects a commitment of 1.65 million euros per year, a testament to the enduring partnership between the company and these industry leaders,” Ramkrishna Forgings said.

The company is manufacturing forged products and has state-of-the-art manufacturing facilities at Jamshedpur. It is supplier to various sectors such as automotive, railways, farm equipment, bearings, oil & gas, power and construction, and earth moving and mining, both in India and the overseas markets.

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On August 24, the company won a significant business contract valued at 17.2 million euros (approximately Rs 156 crore) from a Eurasian customer in farm equipment’s industry. The contract extends over a period of 4 years, resulting in an annual contract valued at around 4.31 million euros.