MRF creates history, becomes first Indian share to touch Rs 1 lakh-mark

Mumbai: Tyre maker MRF Ltd created history by becoming the first company to cross the Rs 1 lakh share price in intra-day trade with the stock rising more than 1 per cent to hit a record high of Rs 1,00,300 apiece. 

The stock went up to Rs 1,00,300 -- also its 52-week high level -- on the BSE during the day. Shares of the company ended at Rs 99,950.65, a gain of 1.02 per cent. In intra-day, it climbed 1.37 per cent to Rs 1,00,300.

At the NSE, shares of the company advanced 1.48 per cent to hit a record high of Rs 1,00,439.95 during the day. It ended at Rs 99,900, up 0.94 per cent.

So far this year, the stock has rallied 12.89 per cent.

"MRF, one of the leading stocks in the Indian stock market, has made history by becoming the first 6-digit stock after surpassing the impressive milestone of 1 lakh," said Santosh Meena, Head of Research, Swastika Investmart Ltd.

The Chennai-headquartered company is the country's largest tyre manufacturer. According to a recent report by the UK-based brand valuation consultancy Brand Finance, has been ranked as the second-strongest tyre brand in the world.

In Q4FY23, the company's net profit surged 86 per cent to Rs 313.5 crore, compared to Rs 168.5 crore in the same period a year ago. Its consolidated revenue rose 10 per cent to Rs 5,842 crore in the quarter, compared to Rs 5,305 crore a year ago.

MRF commands one of the highest price quotations on the exchanges.

The other stock in the high price list is Honeywell Automation, with its shares quoting at Rs 41,200.75 on Tuesday.

Some other companies with high price tags are Page Industries (Rs 38,407.60), 3M India (Rs 27,068.65) and Shree Cement (Rs 26,138.05).

(With PTI inputs)