Ramkrishna Forgings Ltd Share Price – NSE  / BSE

Castings, Forgings & Fastners, Small Cap

Jindal Steel & Power Ltd, Asahi India Glass Ltd, IIFL Finance Ltd, Jindal Worldwide Ltd are among the other stocks to see a surge in volumes on BSE today, 20 September 2024.

Ramkrishna Forgings Ltd saw volume of 9.33 lakh shares by 10:48 IST on BSE, a 57.13 fold spurt over two-week average daily volume of 16338 shares. The stock dropped 0.93% to Rs.995.40. Volumes stood at 17284 shares in the last session.

Jindal Steel & Power Ltd notched up volume of 11.55 lakh shares by 10:48 IST on BSE, a 20.08 fold spurt over two-week average daily volume of 57536 shares. The stock rose 0.98% to Rs.1,017.20. Volumes stood at 49509 shares in the last session.

Asahi India Glass Ltd recorded volume of 1.4 lakh shares by 10:48 IST on BSE, a 7.69 times surge over two-week average daily volume of 18223 shares. The stock gained 5.77% to Rs.749.75. Volumes stood at 49137 shares in the last session.

IIFL Finance Ltd saw volume of 12.07 lakh shares by 10:48 IST on BSE, a 5.77 fold spurt over two-week average daily volume of 2.09 lakh shares. The stock increased 9.01% to Rs.538.85. Volumes stood at 4.3 lakh shares in the last session.

Jindal Worldwide Ltd recorded volume of 34295 shares by 10:48 IST on BSE, a 4.62 times surge over two-week average daily volume of 7417 shares. The stock gained 8.07% to Rs.374.80. Volumes stood at 1380 shares in the last session.

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Ramkrishna Forgings has provided Corporate Guarantee upto an amount of USD 6.65 million to Ramkrishna Forgings Mexico S.A. de C.V,, Mexico (erstwhile Resortes Libertad S.A. de C.V.), wholly owned subsidiary company, for taking rented space on lease from Operadora Stiva S.A. de C.V., Mexico.

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Ramkrishna Forgings announced that it has entered into Share Purchase Agreement to sell 100% stake in its Wholly-owned Subsidiary, Globe All India Services to Yatra Online, for a cash consideration of Rs. 128 crore (net of debt).

Globe All India Services has evolved into one of India's leading Hospitality Management Companies, with a diversified portfolio spanning Corporate Travel, MICE (Meetings, Incentives, Conferences and Exhibitions), Leisure and Car Rental.

The transaction is expected to close within this quarter, subject to the satisfactory completion of all closing conditions.

Commenting on the development, Naresh Jalan, Managing Director of Ramkrishna Forgings Ltd. said, “As part of our strategic product rationalization initiative, we have decided to focus on our core segments particularly in forged, machined and fabricated products for diverse sectors such as Automotive, Railways, Oil & Gas and Power, among others, where the Company see a great potential for growth and expansion. This move not only aligns with our long-term objectives but also enables us to strengthen our balance sheet. This division was built by addressing market needs of the time and its success reflects the dedication and hard work of our outstanding team. As the business transitions to new ownership, we express our sincere gratitude to everyone who played a role in its growth.”

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Ramkrishna Forgings has received board approval for setting up an Aluminium Forging Facility at Jamshedpur.

The Board of Directors have also given an approval for an investment of Rs 57.5 crore to set up the facility, which will primarily cater to EV Market. The project will be set up with total installed capacity of 3,000 MT per annum and is expected to be commissioned by Q2 FY26. At the optimum capacity the project will generate additional revenue of Rs. 175 crore per annum for the Company.

In its endeavour to get in light weighting to improve the performance, fuel efficiency and reduce environmental impact of a vehicle, the Company has decided to enter into Aluminium Forging.

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