MRF, one of the country’s biggest tyre companies achieved a new milestone today as it became the first Indian stock to hit the one lakh mark in absolute terms. The stock remains the most expensive stock on the Indian exchanges in terms of share price.
The Investment: If you had bought 1 MRF share a year ago, it would have cost you around ₹68,000. Today, as the stock climbed up the milestone, your investment would now be worth over ₹1 lakh. That’s a substantial increase of over 46% in just one year.
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Background: The company reported a consolidated profit after tax (PAT) of ₹313.53 crore for the fourth quarter ended March 2023, up 86% year-on-year (YoY). Its consolidated revenue from operations stood at ₹5,841.7 crore in Q4 FY23, up 10.12% YoY as compared to ₹5,304.8 crore in Q4 FY22.
The board of directors of MRF also recommended a final dividend of ₹169/share. However, domestic brokerage firm, Motilal Oswal remained unimpressed by the company’s numbers as it maintained the ‘sell’ rating on the stock with a target price of ₹75,400.
Price Action: MRF’s share price was up 0.89% to trade at ₹99,850 in early trade on Tuesday.
Disclaimer: Benzinga India doesn’t give financial advice. The above article is for educational purposes alone.
Editor’s Note: Artificial intelligence was used as a secondary aid in the writing of this story.
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