Shares of MM Forgings Ltd. logged best day in nearly six weeks on acquiring a stake in an electric vehicle component maker, Abhinava Rizel Pvt.
The company bought an 88% stake in the startup that is engaged in R&D, manufacturing of parts and components, including but not limited to electric power train/drivetrain systems, electric motors, motor controllers, gearboxes, among others.
The steel forgings company has not disclosed the cash paid for the deal. The acquisition is to be completed on or before Sept. 30, 2022.
Shares of the company rose as much as 8.5% to Rs 965 apiece intraday. The stock closed with 4.30% gains compared to 1.22% loss for the Nifty 50.
Trading volume on the stock was nearly triple the 30-day average, when markets closed on Thursday. Of the five analysts tracking the company, three maintain 'buy', one suggests 'hold' and one recommends 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 20.3%.
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