ICICI Prudential Mutual Fund offloads 11,000 MM Forgings shares
In a stock market announcement, MM Forgings has announced that ICICI Prudential Mutual Fund, which held 7.53% stake in the company, with 920,709 shares, sold 10,837 equity shares of Rs 10 each or 0.09% of the equity share capital of the company.
The deal, worth around Rs 1.19 crore, was a secondary market one and was closed on March 20. The company was intimated on March 24.
MM Forgings is a forging company with a particular focus on the global commercial vehicle market. It has a strong export presence in markets in the US and Europe. With the US economy now rebounding, vehicle sales are picking up.
Analysts say the depreciation of the rupee against the dollar and euro has made the company’s exports extremely cost competitive, particularly since rival firms from China have had to battle an appreciating yuan which went up nearly 3% vis-a-vis the dollar in the past 12 months. As a result, MM Forging has seen its export share of the total revenue go up from 57% to over 70% between 2008 and 2013….