MRF scales Rs 1.5-lakh mark to be India’s most expensive stock

Shares of Madras Rubber Factory, popularly known as MRF, touched the Rs 1.5-lakh mark in afternoon trade, extending gains for the sixth trading session in a row on the bourses. At this price, MRF became the most expensive Indian stock.

Soon after reaching the landmark, the counter, however, pared gains and, by 2pm, the stock was trading at Rs 1,37,711, up 0.8 percent from the previous close on the NSE.

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The stock had climbed over 53 percent, or Rs 48,000, last year as against a 20 percent gain in the Nifty.

The company posted a five-fold surge in its Q2 net profit to Rs 572 crore on-year, while it stood at Rs 124 crore in the base quarter. The stark rise in net, despite a subdued revenue growth can be attributed to the sharp improvement in the company’s operational performance during the quarter under review.

The company’s revenue also grew 6.5 percent on-year to Rs 6,088 crore as against Rs 5,719 crore in the same quarter of the previous fiscal.

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