Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo


Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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Buy MM Forgings; target of Rs 530: ICICI Direct

ICICI Securities is bullish on MM Forgings recommended buy rating on the stock with a target price of Rs 530 in its research report dated December 30, 2020.

December 30, 2020 / 04:32 PM IST
  • bselive
  • nselive
Todays L/H

ICICI Direct's research report on MM Forgings

MM Forgings (MMF) is a forgings player (total capacity 1.1 lakh MT per annum, FY20 production at ~46,000 MT) serving domestic, US and European automotive industry - with CV, PV forming 75%, 18%, respectively, of FY20 sales and off-highway & others contributing the rest. India was ~45% of FY20 sales with exports at ~55% (mainly to Europe, US).


We upgrade the stock from HOLD to BUY. We have not included the financials of MMF subsidiary i.e. DVS Industries (FY20 sales, EBITDA, PAT at Rs 42, Rs 7, -Rs 4 crore) in our target price calculation.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Dec 30, 2020 04:32 pm

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