900 per cent returns & 52-week high alert: Heavy buying witnessed in this multibagger railway forging stocks with strong order book!

Shares of the company gained more than 110 per cent in the last six months.

Shares of Ramkrishna Forgings Limited gained over 6.00 per cent on Monday. The stock has witnessed heavy buying activity from investors in the last few days. The company has delivered strong Quarterly Results. The stock also made a new 52 week high on Monday.

Ramkrishna Forgings has recently successfully completed its Qualified Institutional Placement (QIP) issue, raising Rs. 99,999.99 Lakhs. The issue was oversubscribed and the company allotted 1,62,86,644 Equity Shares to eligible Qualified Institutional Buyers (QIBs) at an issue price of Rs. 614 per Equity Share. As a result of the QIP issue, the company's Paid-up Equity Share capital has increased from Rs. 32,89,79,070 to Rs. 36,15,52,358.

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The company posted strong Quarterly Results. The revenue of the company for Q2FY24 stood at Rs 981.49 crore which increased by 19.05 per cent YoY. The operating profit of the company stood at Rs 210.15 crore, while the PAT of the company stood at Rs 82.58 crore, which is an increase of over 22.83 per cent.

Ramkrishna Forgings Ltd is primarily engaged in the manufacturing and sale of forged components of automobiles, railway wagons & coaches, and engineering parts. The company caters to various industries which include automotive, earth moving and mining, farm equipment, general engineering, railways, steel plants, and oil exploration. The stock has given multibagger returns of over 900 per cent during the last three years. The company also has a strong order book.

The stock has shown tremendous growth and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.