MRF shares touch Rs 1 lakh, become first such stock in Indian market
Jun 13, 2023
New Delhi [India], June 13 : Tyremaker MRF became the first Indian company whose share prices touched the Rs one lakh per share mark on Tuesday.
The shares of the tyremaker touched an all-time high of Rs 100,439.95 and later settled at Rs 99,900.
The stock opened at Rs 99,150 against the previous close of Rs 98,968.55. Its intraday low was Rs 99,150.
MRF shares have risen over 13 per cent and 46 per cent so far in 2023 and over the past year, respectively. On the contrary, the benchmark Sensex rose just about 20 per cent over the past year.
The company's consolidated net profits for the January-March quarter of 2023 reportedly were Rs 313.53 crore, an increase of 86 per cent on a yearly basis. Its consolidated revenue from operations in the March quarter was at Rs 5,841.7 crore, an increase of 10.12 per cent on a yearly basis.
MRF, which started as a rubber balloon factory with a funding of Rs 14, 000 way back in the 1940s is now a multibillion company that produces tyres used in India and internationally. Besides tyres, it has a presence in paints and coats, toys, motorsports, and cricket training.
MRF's market cap now stands at Rs 4,236,901.86 lakh (or Rs 42,369 crore).
