MRF share price crosses Rs 1-lakh mark, Record High

MRF share price has risen in response to the company’s Q4 results, which showed a net profit of Rs 410.66 crore, up from Rs 156.78 crore in the previous year’s equivalent period.

The MRF share price, which has a face value of Rs 10, broke beyond the Rs 1 lakh barrier, reaching a historic high of Rs 1,00,439.95 before falling down to below Rs 1 lakh. When writing, the MRF share was trading at Rs 99,969.95, up Rs 1,001.40 (1.01%) from its starting price today. The NIFTY, the NSE’s index, is up 93.55% to 18,694.55. 

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The skyrocketing share price of MRF might be attributable to its relatively low equity basis of Rs 4.24 crore. The promoter group owns 27.84% of it. In 2022-23, the corporation paid a dividend of Rs 175 per share (1,750%). 

Following the announcement of its 2022-23 results in May, the tyre manufacturer’s share price was predicted to exceed the Rs 1-lakh mark. Its fourth-quarter net profit was Rs 410.66 crore, up from Rs 156.78 crore in the previous year’s equivalent quarter – a 163 percent increase. The fourth quarter net profit accounted for half the total net profit of Rs 816 crore for the year. The MRF share price gained 2% (Rs 4,908.10) that day to end at Rs 93,505, indicating a likely break beyond the Rs 1-lakh barrier. 

The corporation credited the positive results to “lowering raw material prices.” Rahul Mammen Mapillai, the company’s Managing Director, told the business line that “the decrease in commodity prices has led to a decline in raw material cost for this quarter, which helped to improve our profitability.”