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Ramkrishna Forgings Limited said the company received an export order worth Rs 131.5 crore from a tier-1 rear and front axle manufacturer for their North American HCVs. Ramkrishna Forgings is one of the major companies that export to the North American truck market and is one of the leading suppliers of rolled, forged, and machined products.

The company said the order would likely be executed over a period of four years.

Following the news, shares of RK Forgings climbed up and touched an intraday high of 3.17 percent. At 11:37 am, shares of RK Forgings were trading at Rs 215, up by 1.8 percent from the previous close on the BSE. The stock has been gaining for the last nine days and has risen 22.17 percent returns in the period

“Our strong technical capabilities in the commercial vehicle segment assisted us in obtaining this business order from one of the largest manufacturers for use in the North American HCV segment. This aligns with our strategy of increasing our revenue share and strengthening our exports. We continue to look for new ways to strengthen our export business and deepen our relationships with customers,” said Lalit Khetan, Executive Director and CFO of Ramkrishna Forgings.

Boost in Class 8 truck orders

Recently preliminary North American Class 8 net orders for September soared to 53,700 units, ACT Research reported, the most ever for a single month. September order activity was up 161 per cent month-on-month (MoM) and 92 per cent year-on-year (YoY), with total orders in the last 12 months totalling 249,000 units.

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“We feel that the market is pretty strong in North America. And it's going to continue into the next year,” Naresh Jalan, MD of Ramkrishna Forgings, told CNBC-TV18 in August.

He further added that with strong demand from the US this year, the company should do at least 15-20 percent higher in terms of export than in the financial year 2022.

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