The share price of MRF Ltd. breached the 60,000-level intra-day on the NSE on Monday for the first time.
The ₹10 share opened at ₹59,499 and touched an all-time high of ₹60,145.00 intra-day before closing at
₹59,888.50. According to a filing with the stock exchanges, promoters’ holdings in the company was 27.52 % as at the end December 2016. The balance is held by the public.
According to a report by PhillipCapital, an institutional equity research firm, there “is immense scope for a re-rating” of the tyre sector.
What started as a rubber balloon factory with a funding of ₹14, 000 in the 40s went on to become a multi-billion firm producing quality tyres that are used across the world.
