India's MRF gains nearly 5% on Q4 earnings jump

MRF

03/05/2023 09:13

** Shares of MRF Ltd  MRF.NS  rise as much as 4.86% to
92,900 rupees, highest in nearly three months
    ** Company reports 162% Y/Y rise in March quarter profit,
revenue up 10%, core profit up 60% 
    ** The tyre manufacturer also approves final dividend of 169
rupees per share for FY23 
    ** Stock is most active in nearly three months since Feb. 9,
with a trading volume of 21,046 shares as of 1:34 p.m. IST, five
times the 30-day avg - Refinitiv data
    ** The relative strength index of the stock is 75,
suggesting it is overbought
    ** Of 10 analysts tracking MRF, one maintains "buy", eight
recommend "sell" and one suggests "hold"; median TP is 75,250
rupees


($1 = 81.8300 Indian rupees)
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))