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Ramkrishna Forgings rallies over 5% on securing supply contract from USA’s largest EV manufacturer
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Ramkrishna Forgings Share Price | In a stock exchange filing, the company said this approval is regarded as one of the milestones in the company’s journey as it forays into the EV market in the US, which can further open doors to exciting opportunities and strategic partnerships.
Ramkrishna Forgings Ltd shares gained more than 5% on Thursday, April 18, after the company said it has gotten approval from the United States’ largest electric passenger vehicle producer to supply power train components.
In a stock exchange filing, Ramkrishna Forgings said this approval is regarded as one of the milestones in the company’s journey as it forays into the EV market in the US, which can further open doors to exciting opportunities and strategic partnerships.
This may also strengthen the company’s position in the electric passenger vehicle segment, especially in the power train components segment, it said.
“We are thrilled to have received approval from the US’s largest electric passenger vehicle producer to supply power train components. This collaboration speaks volumes about our ongoing commitment to innovate and our capabilities to meet the demands of the EV industry. Drawing from our four-decade-long expertise and know-how in developing and producing forged components, we are proud to offer products that enable our customers to save valuable development time and expedite market entry,” said Milesh Gandhi, the executive director of Ramkrishna Forgings.
The company is a leading player in the machined products industry, which mainly deals in forged products, rollers, and machined items. The current capacity of the firm stands at 1,87,100 MT.
The primary manufacturing unit of the Kolkata-headquartered company is located in Jamshedpur, Jharkhand, while offices are spread across the United States, Mexico, and Belgium.
Shares of Ramkrishna Forgings were trading 1.46% higher at ₹735 apiece on the BSE at 1:43 pm.
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