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Ramkrishna Forgings, Motherson Sumi gain 3-5% on strong Class 8 truck orders in August

"US class 8 truck orders were up sharply which is positive news for forging companies like Bharat Forge and Ramakrishna Forgings which supplies components for US Class 8 trucks," Jyoti Roy of Angel Broking said.

September 23, 2020 / 04:41 PM IST

Ramkrishna Forgings, Motherson Sumi Systems and Bharat Forge shares gained 3-5 percent intraday on September 3 after registering a sharp increase in North America Class 8 truck sales during August 2020.

"Preliminary North American Class 8 net orders continued to climb in August, reaching 20,500 units for the month. August order activity was very consistent with July, up 3 percent MoM, and up 90 percent YoY," FTR said in its statement.

Class 8 net orders for the last 12 months now total 1,77,000 units, it added.

FTR said orders are expected to stay in the 20,000 range for the next few months with buyer confidence increasing as the economy recovers and freight volumes rise. There is less uncertainty regarding the pandemic as businesses and consumers adapt to the current environment, it added.