India's MRF hits record high on Q1 profit jump

MRF

03/08/2023 08:53

** Shares of MRF  MRF.NS  rise as much as 3.31% to a record
high of 105,989 rupees
    ** The tyre manufacturer reported a more than five-fold jump
in June-qtr profit from cont. ops to 5.81 billion rupees while
rev from ops rose 12.9% YoY
    ** Co also approved re-appointment of K M Mammen as managing
director
    ** Share price above 50-day, 100-day and 200-day exponential
moving averages since April 27, suggesting bullish trend
    ** More than 11,000 shares change hands by 1 p.m. IST, 2.3x
30-day avg
    ** Other tyre companies, Goodyear India  GDYR.NS  and CEAT
 CEAT.NS  too have reported rise in their qtrly profit on the
falling rubber prices
    ** Avg rating of 10 analysts equivalent to "sell", median PT
is 79,200 rupees - Refinitiv data
    ** Including session's gain, stock up 19.1% YTD


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))