Ramkrishna Forgings Shares At Record High After Jharkhand Plant Starts Commercial Operations

Shares of Ramkrishna Forgings Ltd. hit a record high before paring gains on Wednesday on the commencement of commercial operations at the company's Jharkhand Plant.

The company started commercial production of 13,700 TPA of RA shaft-press line and 10,100 TPA of five-inch upsetter at its plant in Kharsawan from July 18, according to an exchange filing.

This will enhance the output of the company by 23,800 tonne per year, which will result in a total production capacity of 2,10,900 tonne per year, it said.

Shares of Ramkrishna Forgings rose 1.20% to Rs 494.6 apiece as of 9:53 a.m., compared to 0.33% gains in the benchmark NSE Nifty 50. The stock gained as much as 1.88% intraday to trade at a record-high price of Rs 497.95.

The relative strength index was 71, implying that the stock might be overbought.

Out of the nine analysts tracking the company, eight maintain a 'buy' rating and one suggests a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a downside of 15.7%.