MRF Shares continues to rise to an all-time high over the last 30 days, showing a respectable advance of more than 13.7% percent. An impressive five-fold increase in the company’s Q2 FY24 net profit—which jumped to INR 572 crore from INR 124 crore in the same period last year—underlines its outstanding success.
Madras Rubber Factory (MRF (NS:MRF)) shares achieved an incredible accomplishment on Wednesday, rising to a high of INR 1,50,254 during afternoon session. This significant accomplishment encouraged MRF to solidify its position as the priciest Indian stock. But after reaching this peak, the stock had an equally steep decline, closing at INR 1,34,878.3, which is a 1.2% decrease from the previous NSE close.
Significant volume growth also helped to justify the price increase. Compared to the 10-day average of 6.9K shares, a total of 36.9K shares were traded today, a 430% increase. Interestingly, the strong increase in net profit came about in spite of comparatively low sales growth, demonstrating MRF’s improved operational effectiveness in the period under review. The company’s sales for the second quarter of FY24 increased admirably as well, rising from INR 5,719 crore to INR 6,088 crore, or 6.5% YoY.