Ramkrishna Forgings scales 52-week high on NCLT 'verbal' nod to buy JMT Auto

Shares of Ramkrishna Forgings jumped to a 52-week high at Rs 690 in the morning trade on August 22 after the company announced that its plan to acquire JMT Auto had been approved ‘verbally’ by the principal bench of the National Company Law Tribunal.

JMT Auto, an auto components manufacturer, has been under corporate insolvency process since February 2022 over failure to repay debt amounting to Rs 60.27 crore to its creditor Axis Bank.

At 10.30am on the NSE, the Ramkrishna Forgings stock was quoting Rs 669.90, up Rs 20.65, or 3.18 percent. In year-to-date terms, the stock has gained 153.06 percent.

For Q1FY24, the company reported a 27.61 percent year-on-year (YoY) rise in its revenue from operations at Rs 892 crore. Profit after taxes increased 54.90 percent YoY to Rs 79 crore. The operating profit margins for the April-June quarter expanded by 100 basis points to 22 percent.