Ramkrishna Forgings Limited witnessed a 5 per cent surge in its share price following the board of directors’ approval for the acquisition Multitech Auto Private Limited and its wholly owned subsidiary Mal Metallics Private Limited.
The acquisition is meant to enable the company to expand its product line, including machined SG and CI castings, and a draw facility. The purchase of Mal Auto Products Private Limited is expected to help achieve a targeted turnover of Rs 500–600 crore within two years.
The shares rose to Rs 547 at 10:09 am on BSE.