Shares of leading tyremaker MRF Ltd grew over 1 percent to hit its all-time high and became the first Indian stock to cross Rs 1 lakh per share mark on Tuesday.
The stock opened higher and rose further by 1.48 percent to hit its 52-week high of Rs 1,00,439.95 apiece on National Stock Exchange. The stock hit a record high of Rs 1,00,300 per share on BSE.
MRF shares have rallied more than 46 percent in the past year to hit their lifetime high levels on Tuesday.
Previously the stock had hit its all-time high of Rs 99,933 per share on May 8 following its quarterly and annual financial results.
The stock had closed above the 90,000 mark for the first time in January 2021 and breached the record Rs 1 lakh mark after a gap of nearly two and a half years.
MRF had crossed the Rs 10,000 per share mark in February 2012. Interestingly, MRF has never issued bonus shares or carried out a stock split to increase its shareholding base even as it has been paying dividends.
The company on May 3 announced a final dividend of Rs 169 (1690 percent) per share of Rs 10 each for 2022-23. MRF announced and paid two interim dividends of Rs 3 each for FY23 earlier. Total dividend payout in FY23 stands at Rs 175 per share (1,750 percent) for the financial year ended 31st March.
MRF reported a more than two-fold jump in net profit to Rs 410.7 crore for the March quarter of FY23 compared to Rs 157 crore in the corresponding period of the previous year.
Its revenue from operations rose by 10.1 percent to Rs 5,725.4 crore in the March quarter from Rs 5,200.3 crore in the year-ago quarter.
Its operational profit spurted by 59.8 percent on year to Rs Rs 843.1 crore in the quarter compared to Rs 527.6 crore a year ago.
MRF's margins improved to 14.7 percent in March quarter from 10.2 percent in March quarter of FY22.
MRF shares were trading 1.07 percent higher at Rs 1,00,000 apiece on BSE at 10.43 AM.
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