MRF Creates History on Dalal Street; Share Hits Rs 1 Lakh Mark

13 Jun 2023 , 10:28 AM

The share price of MRF, India’s leading tire manufacturer, soared past the highly anticipated Rs 1 lakh mark on June 13, creating waves of excitement in the market. As the trading session commenced, the stock opened more than 1% higher, propelling it to a remarkable value. By 9:25 am, the stock was quoting at an impressive Rs 1,00,050 on the National Stock Exchange (NSE).

The stock had briefly touched the Rs 1 lakh mark in May, albeit in the futures segment. However, this time, the milestone was reached in the spot market, highlighting the stock’s strong performance and investor confidence.

As per the data, over the past year, the MRF stock has exhibited exceptional resilience and impressive gains, rallying over 45%. Remarkably, it has surged by a staggering 81% since hitting a low of Rs 55,000 in March 2020. The stock’s upward trajectory reflects the company’s consistent efforts in delivering value to shareholders and its ability to capitalize on emerging opportunities.

While MRF had briefly surged to the Rs 94,500 level (approximately) in December 2022, it was unable to sustain those heights at the time. However, the latest achievement of crossing the coveted Rs 1 lakh mark signifies a renewed momentum for the stock and instills confidence in its future prospects.

The remarkable crossing of the Rs 1 lakh mark by MRF’s share price highlights a momentous chapter in the company’s history and reinforces its position as a frontrunner in the Indian stock market. With its unwavering focus on growth, innovation, and customer satisfaction, MRF is poised to capitalize on future opportunities and further enhance its market standing.

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