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Ramkrishna Forgings share price rises on Rs 130 crore export order

Ramkrishna Forgings has won an export order worth Rs 130 crore (Euro 15 million) from an OEM in a CIS country for the period of 3 years, the company said in an exchange filing.

September 08, 2021 / 10:36 AM IST
 
 
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Ramkrishna Forgings share price was up over 2 percent intraday on September 8 after the company bagged export order worth Rs 130 crore.

Ramkrishna Forgings has won an export order worth Rs 130 crore (Euro 15 million) from an OEM in a CIS country for the period of 3 years, the company said in an exchange filing.

The stock was trading at Rs 1,004.50, up Rs 25.80, or 2.64 percent. It has touched an intraday high of Rs 1,023.95 and an intraday low of Rs 981.55.

The Company supplies to various sectors like automotive, railways, farm equipment, bearings, oil & gas, power and construction, earth moving & mining, both in India & overseas markets. It is a critical safety item supplier for screw coupling, bolster suspension, side frame keys and draw gear assembly for railway coaches and wagon.

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"With this order win we continue to strengthen our international business. This is our first order from this OEM which is a testimony to our product quality and strong technical capabilities. The order marks a beginning of a long-term relationship with a new customer and into a new geography as this is also our first order from CIS region," said Naresh Jalan, Managing Director, Ramkrishna Forgings.

"As a strategy, we are very focused on expanding our international business by entering newer geographies and this order win reinforces our confidence. With festive season round the corner and the recent uptrend in commercial vehicle sales in domestic market, we expect operating leverage to kick-in leading to a strong performance for the year," he added.
Moneycontrol News
first published: Sep 8, 2021 10:36 am

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