Ramkrishna Forgings reaches a 52-week high following NCLT's "verbal" approval to purchase JMT Auto

22 Aug 2023 , 12:59 PM

Following the company’s announcement that the National Company Law Tribunal’s primary bench had ‘verbally’ authorized its intention to acquire JMT Auto, shares of Ramkrishna Forgings rose to a 52-week high of Rs 690 in the morning trade on August 22.

JMT Auto, a maker of automotive components, has been going through a corporate insolvency procedure since February 2022 due to its failure to pay a debt of Rs 60.27 crore to creditor Axis Bank.

The Ramkrishna Forgings stock was trading at Rs 659.90 on the NSE at 11.55am, up Rs 10.65 or 1.65%. The stock has increased 153.06% year to date.

The company announced that its operating revenue for Q1FY24 increased year over year (YoY) by 27.61% to Rs 892 crore. Profit after taxes was Rs 79 crore, up 54.90% year over year. Operating profit margins increased by 100 basis points to 22% for the April-June period.

Ramkrishna Forgings produces forgings, especially for the industrial, construction, and automotive industries. Components like crankshafts, connecting rods, axles, and gear blanks are among the company’s product offerings.

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