India's MM Forgings hits near 3-year high as profit soars

MM Forgings

22/06/2021 06:02

** Shares of steel forgings maker  MMFO.NS  rise as much as
19.4% to 718.7 rupees, their highest since July 16, 2018
    ** MMFO reported a more than 1000% surge in March-qtr profit
on Monday, as a 77% jump in sales offset a doubling in cost of
materials consumed  urn:newsml:reuters.com:*:nFWN2O30A1
    ** Co also declared an interim dividend of 5 rupees
($0.0675) per share
    ** Stock marks its biggest intraday pct gain since Sept. 18,
2020 and is set for its 4th straight session of gains
    ** Around 190,000 shares change hands by 0451 GMT, vs 30-day
avg. volume of 20,494 shares
    ** Stock up 44.5% YTD, as to last close, vs a 57% jump in
the Nifty Metal index  .NIFTYMET  and a ~13% rise in the
benchmark NSE Nifty 50  .NSE 


($1 = 74.1225 Indian rupees)
    

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))