Over the past six months shares of the company have given multibagger returns of 109% in the same time frame BSE Industrials has given a return of 32.93%.
Yesterday, after the market closer Ramkrishna Forgings which is in the business of Castings, Forgings & Fastners declared the plans to raise Rs 1,000 crore from Qualified Institutional Placement (QIP).
Today, shares of the company opened at Rs 688.95 and currently it is trading at Rs 711, up by 2.91%. The shares of the company have a 52-week high at Rs 752.80 and it has a 52-week low at Rs 216.30. The company currently commands a market capitalization of approximately Rs 11,300 crore.
Over the past six months shares of the company have given multibagger returns of 108.80%, in the same time frame BSE Industrials has given a return of 32.93% and over the past one-year shares of the company have given multibagger return of 199.29%, in the same time frame BSE Industrials has given a return of 50.07%.
The company has announced its Qualified Institutions Placement (QIP) of equity shares with a face value of Rs 2 each. The company received approval from its Board of Directors and shareholders through a special resolution. It has set the floor price at Rs 644.46 per equity share and may offer a discount of up to 5% on the floor price, determined in consultation. A meeting on November 13, 2023, will determine the final Issue price. Earlier in October, Ramkrishna Forgings had got the board approval to raise up to Rs 1,000 crore through a QIP.
Ramkrishna Forgings Ltd is primarily engaged in the manufacturing and sale of forged components of automobiles, railway wagons & coaches and engineering parts. It is the second-largest forging player in India. Earlier the company reported a 22.83% increase in net profit from Rs 67.23 crore to Rs 82.58 crore for the Q2FY24. In the same period, net sales have increased by 19.05% to Rs 981.49 crore from Rs 824.44 crore.
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