Ramkrishna Forgings share price gains on tie-up with American axle manufacturer

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The company has partnered with a USA axle manufacturer for the light vehicle segment for an estimated business of Rs 70 crore over a five-year period

Ramkrishna Forgings

Ramkrishna Forgings

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Ramkrishna Forgings share price jumped 4 percent in the morning session on March 8 after the company announced a partnership with an American axle manufacturer for the light vehicle (LV) segment.

“A leading axle manufacturer in the USA has encouraged Ramkrishna Forgings Limited suppliers of rolled, forged, and machined products for an estimated business of Rs 70 crore over a five-year period, wherein the products will be used in the rear axle applications,” the company said in an exchange filing.

The stock was trading at Rs 813.70, up Rs 31.10, or 3.97 percent, at 10.31 am on BSE. It touched an intraday high of Rs 821 and an intraday low of Rs 777.10.

The scrip was trading with volumes of 22,908 shares, compared to its five- day average of 17,465 shares, an increase of 31.17 percent.

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“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. Our ongoing efforts to expand in the global market have assisted us in increasing our export sales and improving our relationships with global customers,” said Milesh Gandhi, Vice President. (Marketing), Ramkrishna Forgings Limited.

“The order win in future will give us an estimated business of Rs 70 crore 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,” he added.

Ramkrishna Forgings is the supplier to various sectors like automotive, railways, farm equipment, bearings, oil & gas, power and construction, earth-moving & mining, both in India and overseas markets.

The company is also a critical safety item supplier for undercarriage, bogie and shell parts for railway passenger coaches and locomotives. It is a supplier to manufacturers like Tata Motors, Ashok Leyland, VE Commercial and Daimler in India and to Volvo, Mack Trucks, Iveco, DAF, Scania, MAN, UD Trucks and Ford Otosan in the overseas markets. It supplies globally to Tier 1 axle manufacturers like Dana, Meritor and American Axles.