Ramkrishna Forgings share price added a percent intraday on July 13 after the company bagged a multi-year order from a European OEM worth EUR 15 million.
Ramkrishna Forgings Limited has received Parts Production Approval Process (PPAP clearance and confirmation to launch order worth EUR 15 million from a European OEM. The order is to be implemented over the period of three years distributed equally, the company said in an exchange filing.
The stock was trading at Rs 743.05, up Rs 7.10, or 0.96 percent. It has touched a 52-week high of Rs 750. It has touched an intraday high of Rs 750 and an intraday low of Rs 723.35.
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The stock has rallied more than four-fold during the past year compared with a 47 percent gain in the Nifty. On the technical front, the company trades well above its 5, 10, 20, 50, 100 and 200-day moving averages, which is a positive sign for the bulls.
Ramkrishna Forgings, based in Kolkata, is a supplier to companies in the automotive, railway, farm equipment, bearings, oil & gas, power, construction and earthmoving & mining sectors in India and overseas.
“In May 2021, a positive crossover took place between its 20-month and 50-month EMAs on the monthly charts. In the past, the stock has witnessed an exponential rise after identical crossovers,” said Jatin Gohil, technical and derivative research analyst at Reliance Securities.
The stock has the potential to test its lifetime high of Rs 890.90 initially and Rs 1,100 subsequently, which coincides with its prior highs (placed at Rs 781 and Rs 890.90), he added.
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