India's MM Forgings up after qtrly profit surges 88%

MM Forgings

08/02/2022 07:40

** Shares of steel forgings maker  MMFO.NS  rise as much as
8% to 718.80 rupees, their biggest intraday pct gain since Jan.
12
    ** Co on Monday reported https://bit.ly/3J9dPpQ consolidated
net profit of 294.1 mln rupees ($3.94 mln) for the December
quarter, an 88% rise from a year ago, as an increase in net
sales countered a 23.2% jump in total expenses
    ** Co's consolidated net sales rose to 2.93 bln rupees from
2.23 bln rupees a yr ago
    ** MMFO stock hits highest since Jan. 19 in third straight
session of gains 
    ** More than 230,000 shares traded by 0730 GMT, 11.8x times
their 30-day avg
    ** Up to last close, MMFO had fallen 8.2% this year vs a
5.56% gain in the Nifty Metal index  .NIFTYMET ; MMFO gained 74%
in 2021
    
($1 = 74.7175 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))