Mumbai (India), 13th June 2023: On Tuesday, MRF became the first Indian stock to reach Rs. 1 lakh per share. The stock began at 99,500 on the BSE, up from 98,939.70 the previous day, and reached an all-time high of 1,00,300 in the morning session.
In the recent year, the stock has seen significant growth. It has increased by 45 percent in the last year, compared to a 19 percent increase in the benchmark Sensex. On the BSE, MRF shares hit a 52-week low of 65,900.05 on June 17, 2022. The stock was up 50% from that level as of the previous session’s close.
The recent increase in the stock price could be ascribed to the company’s strong March quarter figures and increased profitability expectations as a result of lower raw material prices.
MRF’s fundamentals are appealing, and analysts advise investors to buy this company’s shares for the long run. The stock’s valuation is high, and profit booking cannot be ruled out after the recent surge.
Analysts’ further noted that MRF’s balance sheet is strong, and its revenue stream is diverse across areas, making it less exposed to a slowdown in one.
