MRF stock price hits Rs 50,000, ends nearly 7% up

Shares of tyre maker MRF were in huge demand today, hitting a one year high of Rs 50,000 during the day to finally close with nearly 7 per cent gains.
The stock surged 6.73 per cent to settle at Rs 49,734.45 on BSE. During the day, it zoomed 7.29 per cent to Rs 50,000.
At NSE, shares of the company gained 6.85 per cent to close at Rs 49,753.35. Intra-day, the scrip hit its 52-week high of Rs 50,190, up 7.79 per cent from its previous close.
Following the sharp rally in the stock, the company's market valuation rose by Rs 1,330.09 crore to Rs 21,093.09 crore.

The stock has gained almost 20 per cent so far this year. It has also surged over 63 per cent from its 52-week low of Rs 30,464.25 hit on June 24 this year.
Buying was also seen in other tyre stocks, with shares of JK Tyre & Industries soaring 6.23 per cent, Ceat (5 per cent) and Apollo Tyres (2.44 per cent) on BSE.