India's MRF jumps after Q1 profit view beat

MRF

08/08/2024 09:16

** Shares of tyre maker MRF  MRF.NS  rise as much as 4.3% to
140,470 rupees
    ** Co's Q1 profit from cont. ops fell about 3.3% y/y to 5.63
bln rupees ($67.1 mln), but beat analysts' estimate of 4.25 bln
rupees, as per LSEG data
    ** Co set to snap a five-day losing streak, if gains hold
    ** More than 17,000 shares change hands, 1.6x its 30-day avg
    ** Analysts' avg rating on stock is "sell", their median PT
is 104,500 rupees - about 30% lower than last closing price
    ** At current levels, MRF stock has risen ~9% YTD
    
    ($1 = 83.9600 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.das@thomsonreuters.com))