MRF soars to new heights, becoming the first company to surpass Rs 1 lakh per share!
Can this company become the Berkshire Hathaway of India? Today, it hit all time high.
MRF shares reached the Rs 1 lakh milestone during today's trading session, making it the first Indian business to achieve this in absolute terms. On Tuesday, the stock reached an intraday high of Rs 1,00,300.
MRF had fallen just Rs 66.50 short of the Rs 1,00,000 mark in the spot market earlier in May but crossed the critical level in the futures market on May 8.
On February 16, 2012, the company crossed the mark of Rs 10,000 for the first time, with an intraday high of Rs 10,014.80. Since then, it has delivered a multibagger return of 901.52 per cent over the past decade.
Today, the stock opened at Rs 99,500 and is currently trading at Rs 99,999.95, up by 1.07 per cent. Over the past year, the company has provided a return of more than 45 per cent.
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MRF has been paying dividends but has never issued bonus shares or carried out a stock split. On May 3, 2023, the company declared its financial results for the quarter and year ending FY23. On a consolidated basis, the company's net profit for the fourth quarter climbed by 106.2 per cent to Rs 340.67 crore from Rs 165.21 crore in the same period the previous year. On a consolidated basis, MRF recorded a 14.9 per cent increase in net profit for the year ended March 31, 2023, from Rs 669.24 crore to Rs 768.96 crore.