MM Forgings at 20% upper circuit on strong Q1 results

MUMBAI: Shares of MM Forgings opened with a gap-up and were locked at 20 per cent upper circuit as the company reported impressive set of results April-June quarter.

The company’s net profit surged to Rs 13.2 crore, up 69.66 per cent, from Rs 7.78 crore, in the corresponding quarter last fiscal.

Net Sales for the period increased to Rs 121.3crore in June quarter from Rs 95.7 crore, in year-ago period.

According to analysts, pick-up in exports and rupee depreciation helped the company’s margins which rose to 22.7 per cent vs 19 per cent, Y-o-Y.

The company’s EPS has increased to Rs 10.9 per share vs Rs 6.45, Y-o-Y

At 10:20 a.m.; the stock was at Rs 283.90, up 19.99 per cent, on the BSE. There were 52,854 pending buy orders and no sellers in the counter.