Tyre manufacturing firm MRF scripted historical past on Tuesday, changing into the primary inventory within the Indian markets to the touch the Rs 1 lakh mark.
Over the previous 5 days, the inventory rallied 2.80 per cent and touched the Rs 1 lakh mark throughout the intraday commerce on Tuesday. It opened at Rs 99,500 on Tuesday and touched the psychological Rs 1 lakh mark and closed the day at Rs 99,900.
In contrast to most blue-chip shares, MRF by no means opted for a inventory cut up or bonus concern, resulting in the inventory changing into the highest-priced share on Dalal Road.
The inventory has been witnessing regular progress over the previous 12 months, rising greater than 45 per cent.
In keeping with analysts, a breakout above Rs 1 lakh will verify bullish traits and take it in the direction of Rs 1.15 lakh ranges.
The corporate’s internet revenue surged over two-fold to Rs 341 crore for the March quarter, driving on decrease uncooked materials prices. Income from operations rose to Rs 5,842 crore for the fourth quarter, as in opposition to Rs 5,305 crore within the year-ago interval, the corporate had stated in a latest regulatory submitting.
At Rs 41,399, Honeywell Automation is India’s second highest-priced inventory, adopted by Web page Industries at Rs 38,450. Different expensive shares on Dalal Road embody 3M India (Rs 27,001), Shree Cement (Rs 26,099) and Nestle India (Rs 22,498).
Nonetheless, the worth of the inventory doesn’t rely upon how excessive priced it’s, however on different elements like market capitalisation, earnings, P/E (price-to-earnings) ratio, and progress prospects.