Ramkrishna Forgings secures $13.65 million annual deal for rear axle and transmission components; stock gains

14 Aug 2023 , 11:11 AM

Ramkrishna Forgings Limited recently stated that it successfully secured a significant business contract worth $13.65 million per year to deliver Rear Axle and Transmission Components. This accomplishment is a crucial step in strengthening the company’s growth portfolio in North America.

The contract was awarded for the manufacturing and supply of Rear Axle and Transmission Components for Class 5, 6, and 7 vehicles. This latest venture exemplifies the company’s constant dedication to providing high-quality components that will help in the optimal performance of automobiles in this crucial market category.

This achievement allows the company to strategically expand its footprint in North America and acts as a critical opportunity to improve its position in the Light Vehicle industry. The company’s commitment to meet the expectations of the North American market is signified by the continual growth trajectory demonstrated by this significant business contract.

At around 11.02 AM, Ramkrishna Forgings was trading 0.67% higher at Rs 585, against the previous close of Rs 581.10 on NSE. The counter rose to an intraday high of Rs 591.25.

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