MM Forgings hits record high on earnings

Written by Reuters | Mumbai | Updated: Aug 7 2014, 15:39pm hrs
MM Forgings Ltd jumps by its daily limit of 20 percent to a record high of 283.65 rupees.

Posts highest ever quarterly revenue and profit in April-June. Improvement in export volumes and currency depreciation are the main reasons for growth, analysts say.

MM Forging trades at 8.8 times 12-month forward earnings, vs rival Bharat Forge's 23.7 times.