Shares of Ramkrishna Forgings, which have given multibagger returns to investors in the last three years rallying up to 1,373 percent, scaled an all-time high of Rs 688.80 in Tuesday trade. The stock of the forged components maker, which closed at Rs 46.75 on August 21, 2020 ended at Rs 651.45 on August 22, 2023 on NSE.
This means, an amount of Rs 1 lakh invested in the Ramkrishna Forgings stock three years ago would have turned into Rs 13.73 lakh today. In comparison, Sensex has risen only 70 percent during the period.
So far this year, shares of Ramkrishna Forgings have gained 145.74 percent, while the stock has climbed 258 percent in the last one year.
In terms of technicals, the 14-day relative strength index (RSI) of Ramkrishna Forgings stands at 78.3, signaling it's trading in the overbought zone. The counter has a one-year beta of 1.1, indicating high volatility during the period.
Ramkrishna Forgings shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
Ramkrishna Forgings, which supplies rolled, forged, and machined products, has announced that its plan to acquire JMT Auto had been approved ‘verbally’ by the principal bench of the National Company Law Tribunal.
JMT Auto, an auto components manufacturer, has been under corporate insolvency process since February last year over failure to repay debt amounting to Rs 60.27 crore to its creditor Axis Bank.
A few days back, Ramakrishna Forgings said that it has been awarded a business contract valued at 16 million euros (approximately Rs 145 crore) under a 4-year agreement.
On August 14, the company received a $13.65 million (about Rs 107 crore) order from clients in the North American region for the supply of rear axle and transmission components.
Ramkrishna Forgings Q1 numbers
The company posted a 63 percent rise in net profit at Rs 76.97 crore during the June quarter, on account of higher income. Its total income also rose to Rs 835.95 crore from Rs 650.75 crore in the year-ago quarter, posting a rise of 28 per cent.
During the quarter, the company renewed the long term contract with additional new product range with "overseas Tier 1 customer" based in North America and also received an order worth 4.5 million euros from a prominent European railway passenger coach manufacturer.
In March, Ramkrishna Forgings in consortium with Titagarh Rail Systems Ltd, emerged as the lowest bidder for the supply of 15.40 lakh forged wheels to Indian Railways.
Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel and stainless steel forgings.
(Edited by : C H Unnikrishnan)
First Published: Aug 23, 2023 9:11 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM
'Rahul Gandhi deserted Amethi due to fear of Smriti Irani': How BJP plans to puncture Congress' UP plan
May 3, 2024 1:12 PM