Ramkrishna Forgings jumps after RBI hikes FPIs investment limit

Ramkrishna Forgings rose 3.42% to Rs 569 at 9:55 IST on BSE after the central bank raised foreign investment limit in the company to 49% from 24% earlier.

Meanwhile, the S&P BSE Sensex was down 102.83 points, or 0.32% to 31,911.36.

On the BSE, 892 shares were traded in the counter so far, compared with average daily volumes of 8,817 shares in the past one quarter. The stock had hit a high of Rs 569 and a low of Rs 554.75 so far during the day. The stock hit a 52-week high of Rs 583.15 on 2 August 2017. The stock hit a 52-week low of Rs 256.25 on 21 November 2016.

The stock had outperformed the market over the past one month till 8 August 2017, rising 6.87% compared with 0.94% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.21% as against Sensex's 5.84% rise. The scrip had also outperformed the market in past one year, rising 30.97% as against Sensex's 13.99% rise.

The small-cap company has equity capital of Rs 32.59 crore. Face value per share is Rs 10.

The Reserve Bank of India (RBI) notified after market hours yesterday, 8 August 2017, that the foreign institutional investors (FIIs)/foreign portfolios investors (FPIs) investment limit under portfolio investment scheme in Ramkrishna Forgings has increased from 24% to 49% of its paid up capital.

Net profit of Ramkrishna Forgings rose 26.82% to Rs 14.09 crore on 27.74% rise in net sales to Rs 288.67 crore in Q4 March 2017 over Q4 March 2016.

Ramkrishna Forgings is a supplier of forged and rolled components for various sectors.

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