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  5. MM Forgings to consider bonus shares, financial results on 29 May

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MM Forgings to consider bonus shares, financial results on 29 May

Upstox
By Upstox News Desk

2 min read | Updated on May 27, 2024, 14:40 IST

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SUMMARY

MM Forgings shares surged over 15% to a 52-week high of ₹1,299.5 on May 27, following the announcement of a potential bonus share issuance. The Board of Directors will consider the proposal on May 29, marking the first bonus issue in six years. The company will also review financial results and dividend for FY24. MM Forgings, a leading exporter, operates 10 plants with a 1.1 lakh metric tonne capacity.

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The company positions itself as a one-stop shop for closed die forgings in both domestic and international markets.

The company positions itself as a one-stop shop for closed die forgings in both domestic and international markets.

MM Forgings shares rallied more than 15% to hit a fresh 52-week high at ₹1,299.5 apiece on the NSE on Monday, May 27, after the company informed the stock exchanges about its board of directors taking up a proposal to issue bonus shares.

In a filing to the stock exchanges, the company said that its board will consider a proposal for issuance of bonus shares at the meeting scheduled on May 29. This will be the company’s first bonus issue proposal in the past six years.

The company had declared a bonus issue in the ratio of 1:1 six years ago on July 18, 2018. The eligible shareholders received 1 free share for each equity share held by them. Prior to that, the company had also declared a bonus issue in the 1:1 ratio in 2008.

The company informed the stock exchanges that its Board Of Directors will meet to consider and approve the standalone and consolidated financial results of the company for the quarter and fiscal year ended March 31, 2024. Additionally the company will also consider and approve the dividend for FY24.

Earlier on May 4, the company informed the exchanges via a release about the amalgamation of its subsidiary Cafoma Autoparts Private Limited with the parent company MM Forgings.

MM Forgings is one of the largest exporters of forgings in India. The company positions itself as a one-stop shop for closed die forgings in both domestic and international markets. As of May 27, the company has 10 plants with a total capacity of 1.1 lakh metric tonnes.

Shares of MM Forgings were trading 12.1% higher at ₹1,264 apiece on the NSE, at 2:30 pm.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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