Shares of Ramkrishns Forgings Ltd jumped 2 percent in the morning trade on June 13 on the incorporation of a new company with Titagarh Rail Systems Limited (TRSL).
At 10.50 am the Ramkrishna Forgings Ltd (RKFL) stock was trading 1.49 percent higher at Rs 391.45 on NSE.
Purpose of the incorporation of the new company
The company “Ramkrishna Titagarh Rail Wheels Limited” has been incorporated for the manufacturing and supply of forged wheels under long- term agreement under Aatma Nirbhar Bharat.
RKFL and TRSL will hold equal stake i.e. 50 percent each in the total paid-up share capital of the new company. The equity shares of Ramkrishna Titagarh Rail Wheels Limited are subscribed at par by RKFL and TRSL, the two sides said in a corporate filing with BSE on June 12, 2023.
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Stock Performance
Ramkrishna Forgings Ltd has given a return of 61.13 percent over the last six months, outperforming the benchmark which has given a return of 0.51 percent over the same duration.
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