MRF retracts from record high on profit taking

MRF lost 1.36% to Rs 22196.70 at 11:51 IST on BSE, with the stock sliding on profit taking after recent rally.

Meanwhile, the S&P BSE Sensex was up 246.18 points or 1.13% at 22,001.50.

On BSE, so far 1,089 shares were traded in the counter as against average daily volume of 2,045 shares in the past one quarter.

The stock hit a high of Rs 22592.45 so far during the day, which is a record high for the counter. The stock hit a low of Rs 22065.20 so far during the day. The stock had hit a 52-week low of Rs 11,011 on 1 March 2013.

The stock had outperformed the market over the past one month till 22 March 2014, advancing 18.98% compared with Sensex's 5.09% rise. The scrip had also outperformed the market in past one quarter, jumping 13.23% as against Sensex's 3.2% rise.

The mid-cap company has equity capital of Rs 4.24 crore. Face value per share is Rs 10.

Shares of MRF had surged 4.97% in two trading sessions to settle at Rs 22502.85 on Saturday, 22 March 2014, from a recent low of Rs 21435.90 on 20 March 2014. A special live trading session was held on Saturday, 22 March 2014, as the National Stock Exchange (NSE) was testing its software.

MRF's net profit declined 0.2% to Rs 179.89 crore on 5.7% growth in net sales to Rs 3197.12 crore in Q1 December 2013 over Q1 December 2012.

MRF manufactures the largest range of tyres in India and exports to various countries worldwide.

Powered by Capital Market - Live News