Shares of Ramkrishna Forgings Ltd rallied 5% on 20 February after the company announced securing a significant contract worth $220 million.

In its regulatory filing, the company announced securing a contract worth $220 million in the North American market for supplying Tier 1 customers in the Light Vehicle segment across North America for more than 10 years.

The contract represents the company’s entry into a new vertical within the forging industry.

The contract reaffirms the company’s position as an industry leader known for its innovation, reliability, and commitment to delivering exceptional results. Over the next decade, they will leverage its state-of-the-art facilities, relentless pursuit of innovation, and extensive expertise to fulfil the requirements of this contract.

According to the release, the order win highlights Ramkrishna Forgings’ dedication to innovation, quality, and customer satisfaction and strengthens the company’s position as a major player in the global market.

With this endeavour, the company is assured of increasing its offerings in key markets and making a substantial contribution to the supply chain of the automotive industry. It aims to meet and surpass the demanding standards of the automotive industry.

Earlier in February, the company received a contract worth $13.16 million to supply components and services for the off-highway sector for a period of four years.

At 1:55 pm, the shares of Ramkrishna Forgings were trading 1.78% higher at Rs 759.50 on NSE.