India's highest-priced stock just got pricier; MRF shares hit Rs 1.5 lakh mark
MRF, which had hit the Rs 1 lakh share price mark in June last year, hit another milestone of Rs 1.5 lakh on Wednesday after a 10% rally. This is the first time that an Indian stock has achieved this milestone.
In Wednesday's trade, MRF stock witnessed a total of 27,248 equity shares worth Rs 384.6 crore changing hands on NSE.
Other than MRF's stock, Page Industries (Rs 37,770), Honeywell Automation India (Rs 37,219), 3M India (34,263) and Shree Cement (Rs 26,527) are other highest-priced stocks in India.
Nestle was also one of the top expensive stocks in India until the stock split in the 1:10 ratio in early January.
Nestle's board had last October approved splitting of one share of face value Rs 10 into 10 shares of face value Re 1 each.
At 1:38 pm, however, MRF shares lost the momentum and were trading 0.5% higher at Rs 1,37,247. Its stock has delivered 24% returns in the last three months, and 53% in the last one year.
In Q2 FY24, tyre maker MRF reported stellar growth in the net profit, as the bottom line surged nearly five times year-on-year (YoY) to Rs 572 crore.
Its revenue from operations grew by 6.5% YoY to Rs 6,088 crore.
The tyre maker’s earnings before interest, taxes, depreciation and amortization or EBITDA for the quarter rose more than twofold on year to Rs 1,129.09 crore. As a result, the operating margin expanded by a staggering 1,038 basis points to 18.55%.
Technically, the stock is in the overbought zone as the day RSI (14) is at 87.1.
The RSI below 30 is considered oversold, and above 70 is overbought. MACD is at 4568.2, which is above its center and signal line, and this is a bullish indicator.
MRF is currently trading above its 20-day, 50-day, 100-day, and 200-day simple moving averages
