MM Forgings moves north on setting record date for bonus issue

MM Forgings surged 4.07% to Rs 179.10 at 12:56 IST on BSE after the company said it has fixed 30 September 2008 as the record date for issue of bonus shares in the ratio of 1:1.

The company announced the record date during trading hours today, 25 August 2008.

 On BSE, 13,747 shares were traded in the counter. The scrip had an average daily volume of 2,089 shares in the past one quarter.

The stock hit a high of Rs 188.50 and a low of Rs 179 so far during the day. The stock had hit a 52-week high of Rs 192 on 1 January 2008 and a 52-week low of Rs 98.90 on 25 March 2008.

The small-cap company had outperformed the market over the past one month till 22 August 2008, gaining 16.48% compared to the Sensex's return of 2.11%. It had underperformed the market in the past one quarter, gaining 12.37% compared to Sensex's decline of 14.82%.

The company has an equity capital of Rs 6.04 crore. Face value per share is Rs 10.

The current price of Rs 179.10 discounts its Q1 June 2008 annualised EPS of Rs 32.78, by a PE multiple of 5.46.

MM Forgings' net profit rose 26% to Rs 4.95 crore on 24.2% growth in net sales to Rs 52.56 crore in Q1 June 2008 over Q1 June 2007.

The company manufactures carbon and alloy steel forgings