Leading tyre manufacturer MRF Ltd.’s shares increased more than 1% to reach an all-time high on Tuesday, becoming the first Indian firm to surpass the 1 lakh per share threshold.
The stock increased from its lower opening price by 1.48 percent, reaching a 52-week high of 1,00,439.95 per share on the National Stock Exchange. On the BSE, the stock reached a record high of 1,00,300 per share.
MRF shares have increased by more than 46% over the past year, reaching a lifetime high on Tuesday.
Following the release of its quarterly and yearly financial results on May 8, the stock previously reached an all-time high of 99,933 per share.
The stock breached the milestone level of 1 lakh in January 2021, closing over the 90,000 mark for the first time in nearly two and a half years.
In February 2012, MRF had surpassed the 10,000-per-share threshold. Even though MRF has been paying dividends, it’s interesting to note that it has never issued bonus shares or undergone a stock split to broaden its shareholder base.
A final dividend of 169 (1690 percent) per share of 10 cents for 2022–2023 was announced by the firm on May 3. MRF had declared and distributed two interim dividends of 3 each for FY23. For the fiscal year that concluded on March 31, 2018, the total dividend payment for FY23 was $175 per share (1,750 percent).
MRF recorded a net profit increase of over two times, from 157 crore in the same quarter last year to 410.7 crore in the March quarter of FY23.
From the same quarter a year prior, its operating revenue increased by 10.1 percent to 5,725.4 crore in the March quarter.
In the quarter, its operational profit increased by 59.8% year over year to Rs 843.1 crore from Rs 527.6 crore.
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From 10.2 percent in the March quarter of FY22, MRF’s margins increased to 14.7 percent in the March quarter.
At 10.43 AM on the BSE, MRF shares were trading 1.07 percent higher at 1,00,000 per share.