MRF share price crosses 1 lakh, becomes first Indian stock to do
MRF share price crossed the Rs 1-lakh mark on June 13, 2023. The stock opened at Rs 99,500 on the BSE and touched a high of Rs 1,00,184 before closing at Rs 98,353. This is the first time that a stock in India has crossed the Rs 1-lakh mark.
There are a number of factors that have contributed to the rise in MRF's share price. The company has been posting strong financial results, with its net profit growing by 25% in the last financial year. MRF is also the market leader in the Indian tyre market, with a market share of over 50%.
In addition, the company has been expanding its international operations. MRF has set up manufacturing plants in Indonesia, Thailand, and South Africa. The company is also planning to set up a manufacturing plant in the US.
The rise in MRF's share price has made it one of the most expensive stocks in India. The stock's high valuation has raised concerns among some investors. However, MRF's strong financial performance and its growth prospects suggest that the stock is still a good investment.
Here are some of the reasons why MRF's share price has risen:
- Strong financial performance
- Market leader in the Indian tyre market
- Expanding international operations
- High valuation
