FII-Backed Auto Ancillaries Stock Gains 14.79%, Bonus; Dividend Likely On May 29

MM Forgings Ltd shares today (May 27) witnessed a sharp rally of 14.79% on BSE at the time of writing the story (11:51 am). Current market price of MM Forgings share on BSE is Rs 1291.85 per share. MM Forgings shares already gained 14.52% in last 1-week span only and soared 1591% in last 10-yearrs. The FII-backed auto ancillaries stock has a market cap of Rs 3,118.63 crore. It is worth mentioning here that FII/FPI stake in MM Forgings soared from 1.93% to 2.28% in March 2024 quarter. Meanwhile, number of FII/FPI investors rose from 35 to 37 in March 2024 quarter. Check key details below:

MM Forgings All Set To Mull Bonus Share, Dividend, and Financial Results On May 29: According to the exchange filing of MM Forgings dated May 25, 2024, "Further to our earlier letter dated 15 May 2024 and 22 May 2024, with respect to intimation of the date of the Board Meeting scheduled to be held on Wednesday, 29 May 2024, we hereby inform you that the Board of Directors in the said meeting, in addition to consideration and approval of the Audited Standalone and Consolidated financial results of the Company for the quarter and year ended 31 March 2024 and declaration of dividend, would also consider the proposal for issuance of Bonus Shares to the shareholders of the Company, subject to the approval of shareholders."

MM Forgings To Consider Raising Authorized Share Capital: According to the BSE filing, "Board shall also recommend to the shareholders for their approval for the increase in Authorized Share Capital of the Company and consequent alteration in the Memorandum of Association."

MM Forgings Dividend History: MM Forgings already declared 28 dividends since July 11, 2001. In last 1-year, MM Forgings announced an equity dividend amounting to Rs 6.00 per share. At the current share price of Rs 1125.45, MM Forgings offers a dividend yield of 0.46%. The company declared highest dividend in 2022 and 2023 at Rs 6/share each, respectively.

MM Forgings Share Performance & Return: The 52-week high price of MM Forgings share on BSE is quoting at Rs 1295.35 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 offered shareholders attractive returns of 147% in last 5-years, gave return of 163% in last 3-years, zoomed 52% in last 1-year, and soared 47 in last 6-months.

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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