Ramkrishna Forgings jumped 3.94% to Rs 748.90 after the firm announced that it has made an additional investment by way of rights issue in the equity share capital of Ramkrishna Aeronautics (RAPL).
Ramkrishna Aeronautics is a wholly owned subsidiary of the company; engaged in the business of Forgings & Fabrication. RK Forgings has subscribed to 10 lakh equity shares aggregating to Rs 1 crore.The company has acquired RA part finance the acquisition of ACIL Limited, a company under Corporate Insolvency Resolution Process (CIRP) and other general corporate purpose as applicable
Naresh Jalan and Chaitanya Jalan, promoters and directors of the company are also directors in RAPL.
Ramkrishna Forgings is engaged in manufacturing and sale of forged components of automobiles, railway wagons & coach and engineering parts.
Ramkrishna Forgings reported 42.30% increase in consolidated net profit to Rs 86.86 crore on 36.05% rise in revenue from operations to Rs 1,057.79 crore in Q3 FY24 over Q3 FY23.
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