Shares of Ramakrishna Forgings shot up on Wednesday after the company won a contract in South America.
What Happened: The automotive components supplier secured a substantial business contract worth 8.25 million euros (around ₹73.65 crore) from a European original equipment maker and tier 1 supplier. This achievement the Indian company’s expansion into the South American market.
The contract, which spans over the next five years, involves the supply of front and rear axle components, reflecting an annual commitment of 1.65 million euros (₹14.8 crore).
“This partnership exemplifies our dedication to enhance mobility solutions and driving impactful growth in the dynamic Brazilian market." Lalit Kumar Khetan, CFO of Ramkrishna Forgings said in a statement.
Price Action: Ramakrishna Forgings’ share price was up 0.86% at ₹659.30 in early trade on Wednesday.
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