MM Forgings hits record high on bonus issue plan; stock soars 12%

The stock hit a record high of Rs 1,244, up 12% on the BSE in noon deal on Wednesday after the company said that it board will meet on Monday, May 28, 2018 to consider bonus issue

MM Forgings hit a record high of Rs 1,244, up 12% on the BSE in noon deal on Wednesday after the company said that it board will meet on Monday, May 28, 2018 to consider bonus issue.

The stock surpassed its previous high of Rs 1,229 recorded on January 1, 2018 during intra-day deal on the BSE.

On May 21, 2018, MM Forgings had informed the stock exchanges that the board meeting to be held on May 28, 2018 for considering the audited standalone and consolidated financial results for the quarter and year ended March 31, 2018.

In addition to the above said agenda, the board will consider declaring interim dividend and to issue of bonus shares by way of capitalisation of reserves, the company said today.