Ramkrishna Forgings bags Rs121.50 crore order from a major Swedish OEM; stock adds ~1%

21 Oct 2022 , 10:56 AM

Ramkrishna Forgings Limited, a leading supplier of rolled, forged, and machined products, announced that a reputable Swedish OEM major has awarded a long-term supply contract worth Euro 15 million (Rs121.50 crore) for two components for an Electric Vehicle (EV). The company expects the supplies to be completed by 2030.

“We are pleased to announce that we have received a long-term Electric Vehicle components contract to supply Tie Rod Arm Tag and Spring Link. The order is received from a well-known OEM based in Sweden. Through this contract, the company has shown its ability in the approaching era of Electric Vehicles,” commented Lalit Khetan, Executive Director & CFO of Ramkrishna Forgings Limited.

This purchase will be in phases, with supply ramping up until 2030. This order demonstrates not just Ramkrishne Forgings’ outstanding product development capabilities but also the faith that significant OEMs have in the company.

The company is confident in its capacity to leverage this deal to further expand its position in the EV area in the future.

At around 11.02 AM, Ramkrishna Forgings was trading at Rs231 up by 0.87% from its previous closing of Rs229 on the BSE. The scrip opened at Rs229 and touched intraday high and low of Rs234 and Rs226.85 respectively.

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