Ramkrishna Forgings Secures $220 Million Contract in North American Market, Shares Surge

20 Feb 2024 , 11:52 AM

Ramkrishna Forgings witnessed a significant surge in its share price, gaining 5 percent intraday on February 20, following the announcement of a lucrative contract worth $220 million in the North American market. This groundbreaking contract, spanning over a decade, signifies the company’s entry into a new vertical within the forging sector, with a focus on supplying Tier 1 customers in the Light Vehicle segment across North America.

The company emphasized that this substantial order win solidifies its position as a key player in the global market and underscores its unwavering commitment to innovation, quality, and customer satisfaction. With this strategic venture, Ramkrishna Forgings is poised to further expand its offerings in key markets and make significant contributions to the automotive industry’s supply chain.

The release highlighted the company’s determination to deliver top-notch products that not only meet but exceed the rigorous standards of the automotive industry. This commitment to excellence is expected to drive sustainable growth and solidify Ramkrishna Forgings’s reputation as a trusted partner in the automotive sector.

In addition to the recent $220 million contract, Ramkrishna Forgings had earlier secured a contract valued at $13.16 million (₹1,092 million) in February for the supply of rear axle components and services for the off-highway sector over the next four years.