Which Company becomes the first Indian stock to touch â‚¹1 lakh per share mark on June 13, 2023?

Today General Knowledge(GK)

CEAT

MRF

TVS

JK Tyre

Correct Answer : Option (B) - MRF

MRF became the first Indian stock to touch the rupee one lakh per share mark on Tuesday (13 June 2023).

The stock opened at â‚¹99,500 on BSE against the previous close of â‚¹98,939.70 and touched an all-time high of â‚¹1,00,300 in morning trade.

* The stock has witnessed strong gains in the last one year. It is up 45 per cent in the last one year against a 19 per cent gain in the benchmark Sensex. MRF shares hit their 52-week low of â‚¹65,900.05 on BSE on June 17, 2022. As of the closing of the previous session, the stock is up 50 per cent from that level.

* The recent boost in the stock price could be attributed to the company's strong March quarter numbers and improved prospects of profitability due to the fall in raw material prices.

* The company's consolidated profit after tax (PAT) for the fourth quarter ended March 2023 was â‚¹313.53 crore, which is a rise of 86 per cent year-on-year (YoY) from the net profit of â‚¹168.53 crore achieved in the same quarter of FY22. Its consolidated revenue from operations in the fourth quarter of FY23 was â‚¹5,841.7 crore, which is a rise of 10.12 per cent YoY from â‚¹5,304.8 crore in the fourth quarter of FY22.

* Its net expenses stood at â‚¹5,410.26 crore during Q4FY23 as against â‚¹5,142.79 crore during Q4FY22. The EPS of MRF reached â‚¹803.26 during the quarter under review as compared to â‚¹389.55 recorded during the year-ago quarter.

* The fundamentals of MRF look attractive and analysts recommend one can buy this stock for the long term only if he/she can afford it. The stock's valuation is rich and after the sharp gains, some profit booking cannot be ruled out.

* Analysts pointed out that MRF’s balance sheet is strong and its revenue stream is diversified across the segments, making it less vulnerable to a slowdown in a particular segment. So, one with deep pockets can consider buying the stock for the long term. At present, the stock seems to have some steam left for the short term too. .

Source : Mint

Published On : June 13, 2023

Category : Business and Economics

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5.8%

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Source : AIR

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Q .

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Usain Bolt

Sachin Tendulkar

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