Shares of Ramkrishna Forgings surged as much as seven percent on Thursday after the company said it has signed an agreement with a US-based technology partner for the development of electric vehicle (EV) powertrain components for the Indian EV market.At 12 pm, shares of the company were up 3.3 percent at Rs 1,141.35. The scrip hit an all-time high at Rs 1,187 today.Also Read | Ramkrishna Forgings says chip shortage impacted co’s growth by 15% MoMThe stock has given stellar returns so far in 2021. Year-to-date, the stock has jumped 138 percent.Sentiment for the stock is likely to remain strong considering the shares are trading higher than 5, 20, 50, 100 and 200-day moving averages.This development marks the company's foray into the EV market in India.The technology partner is a leading expert in magnetic engineering innovations. Their expertise lies in efficiency enhancement which bestows a superior hallmark over its peers in the various industries they operate in.Also Read | North America Class 8 sales hit by semiconductor shortage, supply chain glitches"We expect the EV adoption pace to be faster in 2W/3W as compared to Passenger Vehicles and have aligned our EV strategy with this hypothesis. This association sees a significant potential to accelerate the Electrification of the Indian automotive market,” said Naresh Jalan, Managing Director, Ramkrishna Forgings.Catch all LIVE market updates here.