The order for spindles comes from one of the largest commercial vehicle manufacturers in North America
Ramkrishna Forgings‘ share price added over one percent intraday on January 13 after the firm bagged an order for spindles worth Rs 57.5 crore from one of the largest commercial vehicle manufacturers in North America.
The stock was trading at Rs 992.10, up Rs 10.75, or 1.10 percent, at 12:25 hours. It has touched an intraday high of Rs 996.25 and an intraday low of Rs 976.
“Our strong technical capabilities in the commercial vehicle segment has helped us secure the order. This is also a testimony to our product quality and operational excellence,” said Lalit Khetan, executive director and finance chief, Ramkrishna Forgings.
“The supply contract will allow us to strengthen our order book in the exports market further which is in line with our strategy to improve our export share in overall revenues,” he added.
Earlier, the firm had received a letter of intent worth Rs 22.5 crore ($3 million) per annum from a major Tier-I axle manufacturer in Mexico for front axle beam, the company said in an exchange filing.
The company supplies rolled, forged and machine products to various sectors like automotive, railways, farm equipment, bearings, oil & gas, power and construction, and earth moving & mining, both in India and overseas markets.
Some of its clients include Tata Motors, Ashok Leyland, VE Commercial and Daimler in India and Volvo, Mack Trucks, lveco, DAF, Scania, MAN, UD Trucks and Ford Otosan in the overseas market. The firm supplies globally to Tier-I axle manufacturers like Dana, Meritor and American Axles.