MM Forgings shrugs off weakness in broader market

MM Forgings rose 2.78% to Rs 1,050 at 15:19 IST on BSE, with the stock extending recent gains despite weakness in broader market.

Meanwhile, the S&P BSE Sensex was down 397.83 points or 1.21% at 32,608.44. The S&P BSE Small-Cap index declined 1.48%, underperforming the Sensex.

On the BSE, 520 shares were traded on the counter so far as against the average daily volumes of 11,000 shares in the past two weeks. The stock had hit a high of Rs 1,060.35 and a low of Rs 1,000 so far during the day. The stock had hit a 52-week high of Rs 1,229 on 1 January 2018 and a 52-week low of Rs 515 on 30 March 2017.

Shares of MM Forgings have risen 7.48% in four straight trading sessions to its ruling price, from its close of Rs 976.95 on 19 March 2018.

MM Forgings reported a net profit of Rs 15.16 crore on revenue of Rs 152.06 crore in the quarter ended December 2017.

MM Forgings is engaged in the manufacture of steel forgings.

Powered by Capital Market - Live News