Expect upside in Mahindra Forgings: Rajen Shah

Shah told CNBC-TV18, "Mahindra Forgings had reported absolutely shocking numbers and unfortunately due to the poor performance from the overseas companies, Europe getting into recession etc. But now I came across the management conversations and press releases and I came to know that a number of things are happening in the company. They have done cost reduction substantially and also the inventories have been brought down, the commercial vehicle segment is picking up here in India, so performance is expected to improve in the coming quarters. Even in case of Europe they have reduced the costs significantly, so being a Mahindra Group company we will certainly expect a fast revival but I think we should see an excellent performance from this company in the next year in March 2010 where we expect around Rs 7.5-8 earnings for this company. So probably a little more upside is there for this company."