Shares of Happy Forgings Ltd. were trading in the green and 3% higher on 3 May, following the business’s announcement that it had obtained an order worth Rs 350 crore from an international company to supply E-axle components for electric SUVs sold in the US.

The auto component manufacturer disclosed to the stock exchanges that a foreign company obtained the contract through its domestic subsidiary.

The order is worth around Rs 50 crore per annum at full supply capacity, bringing the total estimated value of the contract to Rs 350 crore over the entire contract period. Under the terms of the deal, machined axle seats and steering knuckles for electric SUVs will be supplied.

According to the corporation, supply is expected to start in Q3FY25 and last until FY2032.

In February, it received an order worth Rs 400 crore from one of India’s top passenger car manufacturers, signalling a major turning point in its expansion and growth trajectory.

With these orders, the corporation is prepared to enter the passenger automobile industry, a strategic move meant to expand the company’s revenue streams in both domestic and foreign markets.

Happy Forgings has over 40 years of experience and focuses on producing intricate heavy forge and extremely precise machined parts. Utilising engineering, testing, production, and process design, the company supplies a broad range of components to local and international OEMs.

At 2:56 pm, the shares of Happy Forgings were trading % higher at Rs 960.90 on NSE.