Ramkrishna Forgings jumps 3.5% on wining light vehicle segment order from USA Axle Manufacturer

8 Mar 2022 , 10:29 AM

Ramkrishna Forgings Limited informed the investors and exchanges that a leading Axle manufacturer in the USA has encouraged Ramkrishna Forgings Limited, one of the leading suppliers of rolled, forged, and machined products for an estimated business of Rs700 million over a 5-year period, wherein the products will be used in the Rear Axle applications, company said in its press release on Tuesday, 

Commenting on the expected order Milesh Gandhi, Vice President. (Marketing), Ramkrishna Forgings Limited said: “It gives us great pleasure to announce that a major US axle manufacturer has expressed strong support for our LV business. This significant recognition of our project in Rear Axle applications will help us to promote continued export revenue growth.”

He further added, “Our ongoing efforts to expand in the global market have assisted us in increasing our export sales and improving our relationships with global customers. The order win in future will give us an estimated business of Rs700 million over a period of 5 years. This will help us strengthen our presence in the Light Commercial Vehicle segment and also help in improving our presence in the global market.”

RK Forge was trading 3.49% or Rs27.25 higher at Rs808 against its previous closing price of Rs780.75. It touched the day’s high and low of Rs809.95 and Rs775.10 respectively.