1:1 Bonus Issue, Rs 8 Dividend: FII-Backed Small Cap Falls 5.31%, Record Date Issued; Eligible?

Small cap company MM Forgings Ltd shares today declined over 5% on BSE despite announcing double rewards of 1:1 bonus share and Rs 8 share dividend. Current market price of MM Forgings Ltd share on BSE is Rs 1201.85 per share. MM Forgings shares today soared 23% year-to-date and jumped 41% in last 1-year. The company fixed July 16, 2024 as the record date for bonus issue. It set June 7, 2024 as the record date for Rs 8/share dividend. The FII backed auto ancillaries company's market capitalisation stood at Rs 2901.36 crore. Number of FII/FPI investors rose from 35 to 37 in March 2024 quarter. FII/FPI have increased holdings from 1.93% to 2.28% in Mar 2024 quarter. Institutional Investors reduced holdings from 16.40% to 14.11% in Mar 2024 quarter. Check key details below:

MM Forgings Declares 1:1 Bonus Issue: According to the regulatory filing of MM Forgings issued as on May 29, 2024, "recommended issue of Bonus shares to the shareholders of the Company in the ratio of 1:1, i.e., one (1) bonus equity share of Rs 10/- each fully paid-up for every One existing equity shares of ₹10/- each fully paid- up, to the eligible members by capitalizing a sum not exceeding 24,14,08,000/- (Rupees Twenty Four Crores Fourteen Lakhs and Eight Thousand only) out of the sum standing to the credit of General Reserves and / or Securities Premium account, subject to the approval of shareholders in the ensuing Annual General Meeting and other required statutory / regulatory approval as may be necessary."

MM Forgings Recommends Rs 8/Share Dividend: The company as per its May 29, 2024 exchange filing stated, "we wish to inform you that the Board of Directors in their meeting held on 29 May 2024 has declared, payment of Interim dividend of Rs 8 per share."

MM Forgings Q4: It announced a rally of 36.47% in its standalone net profit for the quarter ended March 31, 2024 to Rs 38.62 crore as against Rs 28.30 crore announced in the similar quarter of last year. Total standalone income of the company for the March 2024 quarter declared at Rs 395.76 crore as compared to Rs 378.65 crore declared in the corresponding quarter of last year. MM Forgings announced its revenue from operations at Rs 387.92 crore for March 2024 quarter from Rs 372.45 crore declared in March 2023. Total standalone expenses for the quarter under review announced at Rs 344.13 crore as against Rs 334.31 crore declared in March 2023.

MM Forgings Share Performance & Return: The 52-week high price of MM Forgings share on BSE is Rs 1,301.95 per share (as on 27/05/2024) and 52-week low price is Rs 831.00 per share (as on 27/10/2023). MM Forgings shares rallied over 5% in last 1-week, soared 37% in last 6-months, and gave return of 52% in last 2-years. MM Forgings stock gave return of 146% in last 3-years and 132% in last 5-years.

About: M.M. Forgings Limited is engaged in the manufacturing and sale of iron and steel forgings in India. The company offers steel forgings in raw, semi-machined, and fully machined stages in various grades of carbon, alloy, micro alloy, and stainless steels in the weight of 0.20 Kg to 60 Kg. It also manufactures closed die forgings and exports its forgings primarily to OEMs in the North American and the European markets. The company was formerly known as Madras Motors Limited and changed its name to M.M. Forgings, according to its LinkedIn profile.

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The stock highlights the dividend, Q4 results, bonus share and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.