What happened Today?
The MRF share price is very high. One share costs Rs 10, but today it reached Rs 1,00,439.95. Then it came down to below Rs 1 lakh. Now it is Rs 99,969.95, which is Rs 1,001.40 more than the opening price. The NIFTY, which is a group of shares, is also up by 93.05 per cent.
Why is MRF’s Share Price High?
MRF’s share price is high because it has very few shares. Only Rs 4.24 crore worth of shares are available. The owners have 27.84 per cent of them. The company also paid Rs 175 for each share as dividend. This means the shareholders got extra money. Read: Now That You Have a Tourist or Business Visa, You Can Apply For Jobs in the US
How did MRF make more Profit?
MRF makes tyres. Its share price was expected to cross Rs 1 lakh after it announced its results in May. It made a lot of profit in the last quarter. It made Rs 410.66 crore, which is more than double of what it made in the same quarter last year.
The last quarter profit was half of the whole year’s profit of Rs 816 crore. That day, the MRF share price increased by 2 per cent (Rs 4,908.10) and closed at Rs 93,505. This hinted that it could go above Rs 1 lakh soon. Also Read: VIDEO: Indian Railways TTE Electrocuted When Live Wire Falls @Kharagpur Railway Station
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The company said that it made more profit because the raw materials were cheaper. The company’s boss, Rahul Mammen Mapillai, said that “the lower cost of raw materials for this quarter helped us to make more money.”
Factors Contributing to the Rise in Share Price
There are a number of factors that have contributed to the rise in MRF’s share price. These include:
- The company’s strong financial performance. In the financial year 2022-23, MRF reported a net profit of Rs 816 crore, up 163 per cent from the previous year.
- The easing of raw material prices. The cost of raw materials, such as rubber and steel, has been declining in recent months, which has helped to improve MRF’s profitability.
- The company’s strong brand reputation. MRF is one of the most trusted brands in the Indian tyre market.
