Market Movers: MM Forgings zooms 9% on EV foray; La Opala starts new factory

NEW DELHI: Any management when talks about their move into the EV space, it immediately reflects in the companies’ share price. Shares of MM Forgings spiked about 9 per cent on Thursday after the management said it might foray into the electric vehicle business soon.

In an interaction on CNBC-TV18, the management said its sales growth to be at 80,000-90,000 tonnes in FY23. “Expect MM Forgings to get into EV business in the next couple of months,” said Vidyashankar Krishnan, the managing director of the company.

This comes a couple of months after it formed a wholly-owned subsidiary—Suvarchas Vidyut —as a strategic investment to bolster its revenue stream. The company plans to produce electrical and electronic components and sub-assemblies for industrial, consumer, and automotive applications, according to a statement.

Thai advantage
BLS International announced that it had been authorized by the Royal Thai Consulate-General, Mumbai recently. BLS will be accepting visa applications on behalf of the Royal Thai Consulate-General, Mumbai from 6th June 2022 onwards.

BLS will be providing Thai visa application services with several value-added services like form filling assistance, primetime submission, SMS tracking, photocopy & printing, photographs, travel insurance and courier services for the convenience of the applicants. BLS centres are equipped with state-of-the-art facilities and can service other countries as well.

The stock closed with gains after the disclosure.

New Factory
La Opala RG, a leading manufacturer and marketer of tableware (opal and glass) in India, informed that its second plant in Uttrakhand started production.

“The Company’s Green Field Plant situated at Plot No. 07, Sector 02, Phase II, IIE, Sitarganj, Udham Singh Nagar, Uttarakhand, having a production capacity of 11,000 metric tons per annum has successfully commenced its Commercial Production on Wednesday, June 1, 2022,” the firm said in a regulatory filing.

The stock ended up over 1 per cent on the news.