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Shares of Ramkrishna Forgings hit a record high of Rs 310 apiece, as they soared 10 per cent during intraday trade on the BSE on Thursday amid heavy volumes, before ending the day at Rs 305.45 per share, up 8.16 per cent.
The stock of casting & forging company, therefore, surpassed its previous high of Rs 290.75, touched on March 15, 2023.
In less than 10 months, the market price of the company has zoomed 107 per cent from the level of Rs 149.55 on June 22, 2022. In the past year, it has rallied nearly 70 per cent, as against 0.39 per cent rise in the S&P BSE Sensex.
The consortium of Ramkrishna Forgings and Titagarh Wagons (RKFL-TWL Consortium) had received a Letter of Award (LOA) on Wednesday from the Ministry of Railways (MoR), Government of India with respect to 'Manufacturing and Supply of Forged Wheels under long term agreement under Aatma Nirbhar Bharat’.
According to the company, the size of contract was Rs 12,226.50 crore for manufacturing and supply of 1.54 million forged wheels of different rolling stocks to the MoR over a period of 20 years in accordance with the terms and conditions of the agreement.
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The consortium will set up a manufacturing facility in India for forged wheel production and will supply approximately 1.6-million-wheel discs of different rolling stocks of Indian Railways over a period of 20 years at about 80,000 wheels per annum.
Ramkrishna Forgings is a preferred supplier to original equipment manufacturers like Tata Motors, Ashok Leyland, VE Commercial and Daimler in India and to Volvo, Mack Trucks, Iveco, DAF, Scania, MAN, UD Trucks and Ford Otosan in the overseas markets. It supplies globally to Tier 1 axle manufacturers like Dana, Meritor and American Axles.
