Shares of Ramkrishna Forgings Ltd. rose more than 5% on Tuesday after it secured a contract worth $220 million for supply in the light vehicle segment across North America.
The contract spans over a decade and marks the company's foray into a new vertical within the forging sector, an exchange filing said.
"With this venture, the company is poised to further expand its offering in key markets and contribute significantly to the automotive industry's supply chain," the company said.
Shares of Ramkrishna Forgings rose as much as 5.46%, before paring gains to trade 3.08% higher at 11:09 a.m., compared to a 0.11% decline in the benchmark Nifty 50.
The stock has risen 23.83% in the last 12 months. The relative strength index was at 61.2.
Of the 50 analysts tracking the company, 28 have a 'buy' rating and 22 recommend a 'hold', according to Bloomberg data. The average 12-month analysts' price target implies a potential upside of 10.4%.
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