MRF share price creates history, crossing the remarkable Rs 1 lakh mark in the stock market. With a phenomenal 46% return this year, MRF has broken its previous record of Rs. 99,933, reaching an all-time high! MRF’s stock price skyrocketed to a record-breaking Rs. 1,00,300 during morning trading, reaching an all-time high.”
On Tuesday (June 13), a remarkable milestone was achieved in India’s stock market as the share price of a company surpassed the Rs 1 lakh mark for the very first time. The pioneering feat was accomplished by MRF, a leading tyre company, whose share price witnessed a 1.07% surge during early trading hours today.
MRF’s stock started today’s trading session on the BSE at Rs 99,500, surpassing its previous closing price of Rs 98,939.70 on Monday. Subsequently, MRF’s share price reached an unprecedented peak of Rs 1,00,300 during morning trade.
MRF gave 46% return
MRF stock price is consistently moving upwards and give a remarkable return of 46% in the past year.
On June 17, 2022, the company’s share price reached its lowest point in the past 52 weeks, hitting Rs 65,900.05 on the BSE. However, since then, MRF’s stock has experienced a significant surge of 52 percent up to the present date.
MRF’s consolidated profit after tax (PAT) in the January-March quarter showed a remarkable increase of 86 percent year-on-year (YoY), amounting to Rs 313.53 crore. This was a substantial growth from the previous year’s same-quarter profit of Rs 168.53 crore.
In the same quarter, the company witnessed a significant rise of more than 10 percent year-on-year (YoY) in its consolidated revenue from operations. The revenue surged to Rs 5,841.7 crore, marking a substantial increase from Rs 5,304.8 crore recorded in Q4FY22.
MRF! A Tireless Triumph
Not just MRF, but the shares of the entire tire industry are experiencing a rise in their prices. The main factor contributing to this upward trend is the availability of inexpensive crude oil and rubber, which are essential materials for tire manufacturing. This is due to the slowdown in China, as Indian companies are receiving new orders and there is a strong demand for vehicles in India.
MRF give a strong dividend to investors.
On May 3, the company declared a final dividend of Rs 169 per share for the financial year 2022-23. Prior to this, MRF had announced two interim dividends of Rs 3 each during FY2023. The company’s profit in the March quarter has more than doubled, reaching Rs 410.70 crore, compared to Rs 157 crore in the same period last year.