India’s Most Expensive Share, MRF Hits 52-Week High – Reaches Yearly Peak of ₹1.5 Lakh.

On Jan 17, MRF stocks opened at ₹1,36,999, peaked at ₹1,50,000, exceeding the prior close of ₹1,36,479.30 on BSE, and finally closed at ₹1,34,969.45, down by 1.1%.
MRF Stock Hits 52-Week High - Peaks at ₹1.5L!

MRF, India’s most expensive stock, experienced a significant fluctuation on Wednesday, January 17. Initially soaring to a new 52-week high of ₹150,000, a 9% increase, the stock later reversed its gains, closing 1% lower. This marked the continuation of a six-session winning streak, with MRF’s shares starting the year at ₹129,439.2 and climbing 15.8% to date. In the calendar year 2023, the stock witnessed a 30% rise, notably surpassing the ₹1,00,000 milestone in June 2023, a first for an Indian company.

On January 17, MRF shares opened at ₹1,36,999 and reached a peak of ₹1,50,000, surpassing the previous close of ₹1,36,479.30 on the BSE, before settling at ₹1,34,969.45, a 1.1% drop. Over 15 years, MRF has mostly seen positive annual performances, with a standout 96% rally in CY14 and 48% in CY17. The stock has grown 5,588% from ₹2,003 to its current price.

In the July-September quarter, MRF’s consolidated net profit saw a significant 374% year-on-year increase, rising to ₹587 crore from ₹123.9 crore the previous year. The company’s operating revenue grew 6.71% year-on-year to ₹6,217 crore in Q2 FY24. Despite a slight increase in revenue, MRF improved its margins, aided by lower raw material costs. The cost of materials consumed dropped to ₹3,748.9 crore from ₹4,161.18 crore year-on-year, and total expenses decreased as well.

Read more: Most Expensive Share in India

Meanwhile, India’s domestic equity benchmarks, the Sensex and Nifty 50, experienced their largest single-day percentage loss since June 2022 on the same day. The Sensex plunged 1,628.01 points (2.23%) to 71,500.76, and the Nifty 50 fell 460.35 points (2.09%) to 21,571.95. This decline was largely influenced by a steep drop in HDFC Bank’s shares following its Q3 results, with concerns raised over the bank’s flat Q3 margins.

Kick start your Trading and Investment Journey Today!
Read More News

Enjoy Low Brokerage Demat Account In India

Save More Brokerage!!

We have Zero Brokerage on Equity, Mutual Funds & IPO