Jobaaj Stories
The price of one MRF share, with a face value of Rs. 10, crossed the Rs. 1 lakh threshold and hit a record high of Rs. 1,00,439.95 before falling down to below the Rs 1 lakh mark. The MRF share is currently selling at Rs 99,969.95, an increase of Rs 1,001.40 (1.01%) from today's starting price. At 18,694.55, the NIFTY, the index of the NSE, is up 93.05 percent.
Due to MRF's incredibly small equity basis of Rs 4.24 crore, its share price has increased dramatically. It is owned by the promoter group to the tune of 27.84%. The corporation distributed Rs 175 per share (1,750%) as a dividend year 2022–2023.
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What caused the prices to hike? And was the spike expected? Looking into the profits generated as per the latest reports, this was an expected tale.As for in the quarter that ended on March 31, 2023, the tire manufacturer recorded a consolidated profit after tax (PAT) of Rs 313.53 crore, an increase of 86 percent year over year (YoY). It had a net profit of Rs 168.53 crore in the same period the year before.
The stock already crossed the Rs. 1 lakh threshold in May, although that was on the futures market.
MRF has increased by more than 45% during the past year. From a low of Rs. 55,000 in March 2020, it has increased by 81%. The stock increased to Rs 94,500 in December 2022, but it was unable to maintain that level.
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