Ramkrishna Forgings Plans to set up a 7.82 MW Solar Power Plant in Jamshedpur

Ramkrishna Forgings Plans to set up a 7.82 MW Solar Power Plant in Jamshedpur

by 5paisa Research Team Last Updated: Mar 02, 2023 - 02:56 pm 731 Views
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The total cost of the project is estimated to be around Rs 35 crore.  

Taking a step towards sustainability 

Ramkrishna Forgings Limited announced in its exchange filing that the company will take a significant step towards attaining carbon neutrality by investing in renewable energy. The company intends to install a 7.82 MW rooftop solar project at its Jamshedpur forging plants in Seraikela and Dugni.

Upon completion of the project, the power generated will be used for captive consumption, reducing the company's reliance on grid power. The project will assist the company in achieving its environmental, social, and governance (ESG) vision and will contribute to the larger goal of achieving a sustainable future.

The total cost of the project is estimated to be around Rs 35 crore, which will be funded through a combination of debt and equity. Ramkrishna Forgings' investment in this renewable energy project reflects the company's commitment to responsible business practices and attempts to reduce its carbon footprint.

Stock price movement 

On Thursday, the stock opened at Rs 265.15 and touched a high and low of Rs 268.25 and Rs 261.15, respectively. The BSE group 'A' stock with a face value of Rs 2 has touched a 52-week high and low of Rs 288 and Rs 145.50, respectively. Last one week high and low of the scrip stood at Rs 272.75 and Rs 244.75 respectively. The current market cap of the company is Rs 4,213.89 crore.

The promoters holding in the company stood at 46.27%, while Institutions and Non-Institutions held 18.71% and 34.88%, respectively.

Company Profile  

Incorporated in 1981, Ramkrishna Forgings Ltd is a supplier to various sectors like automotive, railways, farm equipment, bearings, oil & gas, power and construction, earth moving & mining, both in India & overseas markets. The Company is a critical safety item supplier for undercarriage, Bogie & Shell parts for railway passenger coaches and locomotives. It is a preferred supplier to OEMs like TATA Motors, Ashok Leyland, VE Commercial and Daimler in India and to Volvo, Mack Trucks, Iveco, DAF, Scania, MAN, UD Trucks and Ford Otosan in the overseas markets. It supplies globally to Tier 1 axle manufacturers like Dana, Meritor and American Axles.

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