RK Forgings Surges 6%, Reaches New High with Aluminium Forging Investment
ECONOMY & POLICY

RK Forgings Surges 6%, Reaches New High with Aluminium Forging Investment

RK Forgings? stock price has exceeded its previous high of Rs 998.35, recorded on July 5, 2024. At 12:53 PM, the stock was trading 5 percent higher at Rs 1,000.60, while the BSE Sensex had declined by 0.08 percent.

In a recent exchange filing, RK Forgings announced that its board had approved an investment of Rs 570.5 million for establishing a new facility aimed at the electric vehicle (EV) market. The facility, which will have an installed capacity of 3,000 MT per annum, is projected to be operational by the second quarter of FY26. Once at full capacity, the facility is expected to generate additional revenue of Rs 1.75 billion annually for the company.

The company also stated its intention to venture into Aluminium Forging as part of its efforts to enhance vehicle performance, fuel efficiency, and minimize environmental impact.

In a separate filing, RK Forgings disclosed that it had entered into a Share Purchase Agreement (SPA) to sell its entire stake in its wholly-owned subsidiary, Globe All India Services Limited, to Yatra Online for a cash consideration of Rs 1.28 billion, net of debt.

The management explained that this transaction aligns with the company?s strategic product rationalization plan, which focuses on core segments like forged, machined, and fabricated products across various sectors, including Automotive, Railways, Oil & Gas, and Power. The proceeds from the sale will be used to reduce debt and strengthen the company's balance sheet.

RK Forgings? stock price has exceeded its previous high of Rs 998.35, recorded on July 5, 2024. At 12:53 PM, the stock was trading 5 percent higher at Rs 1,000.60, while the BSE Sensex had declined by 0.08 percent. In a recent exchange filing, RK Forgings announced that its board had approved an investment of Rs 570.5 million for establishing a new facility aimed at the electric vehicle (EV) market. The facility, which will have an installed capacity of 3,000 MT per annum, is projected to be operational by the second quarter of FY26. Once at full capacity, the facility is expected to generate additional revenue of Rs 1.75 billion annually for the company. The company also stated its intention to venture into Aluminium Forging as part of its efforts to enhance vehicle performance, fuel efficiency, and minimize environmental impact. In a separate filing, RK Forgings disclosed that it had entered into a Share Purchase Agreement (SPA) to sell its entire stake in its wholly-owned subsidiary, Globe All India Services Limited, to Yatra Online for a cash consideration of Rs 1.28 billion, net of debt. The management explained that this transaction aligns with the company?s strategic product rationalization plan, which focuses on core segments like forged, machined, and fabricated products across various sectors, including Automotive, Railways, Oil & Gas, and Power. The proceeds from the sale will be used to reduce debt and strengthen the company's balance sheet.

Next Story
Infrastructure Transport

Anand Vihar and Punjabi Bagh Flyovers Ready

Work on two major road infrastructure projects, the Anand Vihar flyover and the Punjabi Bagh flyover, has been completed but are yet to be opened for public use, according to officials. Located in highly congested areas, work on these projects started around two years ago. "The work on the flyover is complete and it is ready for opening," said a PWD official on Wednesday. According to sources, both the flyovers are likely to be inaugurated closer to the assembly elections in Delhi, scheduled for early next year. During the time the work was under way, motorists faced heavy traffic congestion ..

Next Story
Infrastructure Transport

RDSO finalise oscillation trials on Indore Metro

Indore Metro Phase 1 advances with the completion of oscillation and brake performance trials on the Yellow Line through three coaches manufactured by Alstom conducted by Research Design and Standards Organisation (RDSO). The oscillation trials were conducted with an aim to evaluate the stability and performance of the three different coaches during the movement, ensuring that the commencement of operation on Indore metro meets the safety and performance standard. The Emergency Braking Distance (EBD) was also reviewed by the RDSO team to evaluate the efficient stopping of trains during the op..

Next Story
Infrastructure Urban

IIT Guwahati develops sustainable geopolymer

A research team at the Indian Institute of Technology Guwahati, led by Prof. Anil K. Mishra from the Department of Civil Engineering, has developed an innovative solution to two major global challenges: industrial waste management and sustainable construction. Their research focuses on creating a geopolymer using industrial byproducts and waste materials, such as water treatment sludge (WTS), fly ash (FA), and ground granulated blast furnace slag (GGBS). “With the rapid pace of urbanisation and industrialisation, managing industrial waste has become a critical global issue," said IIT Guwaha..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000