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MM Forging Hits Record High on Earnings

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MM Forgings jumped by its daily limit of 20 per cent to a record high of Rs 283.65 after the company posted 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.

Copyright : Thomson Reuters 2014

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