MM Forgings slumps after weak Q1 outcome

MM Forgings tumbled 6.42% to Rs 422.05 at 15:01 IST on BSE after net profit fell 19.19% to Rs 10.44 crore on 4.18% decline in total income from operations to Rs 118.95 crore in Q1 June 2016 over Q1 June 2015.

The result was announced during market hours today, 11 August 2016.

Meanwhile, the S&P BSE Sensex was up 85.26 points or 0.31% at 27,860.14.

On BSE, so far 1,274 shares were traded in the counter as against average daily volume of 3,472 shares in the past one quarter. The stock hit a high of Rs 452.50 and a low of Rs 421.50 so far during the day. The stock had hit a 52-week low of Rs 335.60 on 12 February 2016. The stock had hit a 52-week high of Rs 679 on 14 August 2015. The stock had outperformed the market over the past one month till 10 August 2016, surging 6.09% compared with 2.39% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, declining 2.4% as against Sensex's 7.77% rise.

The small-cap company has equity capital of Rs 12.07 crore. Face value per share is Rs 10.

MM Forgings manufactures steel forgings in raw, semi-machined and fully machined stages in various grades of Carbon, Alloy, Micro-Alloy and Stainless Steels in the weight range of 0.20 kilogram (Kg) to 60 Kg.

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