1:1 Bonus Issue, Rs 8/Share Dividend Recommended: Forging Co Declares 36.47% Growth In Q4 Profit

MM Forgings Ltd today announced double treat for their shareholders and announced robust results too. The Board of Directors of MM Forgings today recommended an interim dividend of Rs 8 per share and fixed June 7, 2024 as the record date. The company declared 1:1 bonus share too implying shareholders will be eligible to receive 1 bonus share for every 1 share held as on the record date.

It set July 16, 2024 as the record date for bonus issue. MM Forgings shares offered return of 30% year-to-date and soared over 43% in last 6-months. The FII backed auto ancillaries stock has a market capitalisation of Rs 3064.19 crore. Number of FII/FPI investors rose from 35 to 37 in March 2024 quarter. More details below:

MM Forgings Recommends Bonus Share: As per the BSE filing of MM Forgings dated May 29, 2024, "the Board of Directors in their meeting held today, 29 May 2024, had 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. The date by which Bonus Shares shall be credited/dispatched as stipulated by law is 28 July 2024."

MM Forgings Declares Dividend: As per the regulatory filing of the company issued as on May 29, 2024, "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." The Interim Dividend shall be payable on or before 21 June 2024.

MM Forgings Q4: The company today declared a jump 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 declared in the corresponding quarter of last year. Total standalone income of the company for the March 2024 quarter announced at Rs 395.76 crore as compared to Rs 378.65 crore declared in the similar quarter of last year. MM Forgings declared 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 declared at Rs 344.13 crore as against Rs 334.31 crore announced in March 2023.

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 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 offered shareholders returns of 48% in last 1-year, soared 62% in last 2-years, and gave return of 160% in last 3-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.

Disclaimer: 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.