Ramkrishna Forgings shares rise 3% on turning ex-dividend today

Shares of Ramkrishna Forgings Ltd climbed over 3% in the afternoon session after the manufacturer of casting and forgings turned ex-dividend today. Ramkrishna Forgings shares rose 3.57% to Rs 638 on BSE. The stock of the forged components maker opened higher at Rs 626.05 today. It has gained 190% from its 52 week low of Rs 752.80 hit on September 1 this year. The forgings stock slipped to a 52 week low of Rs 216.30 on November 28, 2022.

Ramkrishna Forgings stock turned ex-dividend today for an interim dividend of Rs 1 per share.

The company declared the dividend during the announcement of its Q2 earnings.

Ramkrishna Forgings logged a 22.5 per cent rise in net profit to Rs 82.2 crore during the September 2023 quarter against Rs 67.2 crore net profit in the September quarter of the preceding 2022-23 fiscal.

Revenue climbed 19.44% to Rs 985.7 crore from Rs 825.2 crore in the year-ago quarter.

Total 0.24 lakh shares of the firm changed hands amounting to a turnover of Rs 1.53 crore in Monday’s session. Market cap of the firm rose to Rs 10,077 crore on BSE.

Ramkrishna Forgings stock has a one-year beta of 1.4, indicating high volatility during the period.

In terms of technicals, the relative strength index (RSI) of Ramkrishna Forgings stands at 42.9, signaling it's trading neither in the overbought nor in the oversold zone.

In terms of shareholding pattern, seven promoters held 47.41 per cent stake in the firm and 83,350 public shareholders owned 52.49 per cent for the quarter ended September 2023. Of these, 80,497 resident individuals held 10.74% stake or 1.76 crore shares with capital up to Rs 2 lakh. Only 19 resident individuals with 9.93% stake or 1.63 crore shares held capital above Rs 2 lakh for the quarter ended September 2023.

Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel and stainless steel forgings. The company operates through two segments: Forging components and others. The company's products include rolled products, forged products and machined products. The company supplies its products to various sectors, such as automotive, railways, farm equipment, bearings, oil and gas, power and construction, earthmoving, and mining, both in India and overseas markets.

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