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

06 Sep 2024 CW Team

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.

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