MRF First Indian Stock To Hit Rs 1-Lakh Mark

At 9:57 a.m. on Tuesday, the shares of India’s largest tyremaker reached a new high of Rs 1,00,039 per share. According to Cogencis data, the stock has returned 4,346% in the last 30 years.

MRF was formed approximately 30 years ago as a rubber balloon manufacturer by the late KM Mammen Mappillai with a Rs 14,000 investment. It began producing tread rubber in 1952. The company currently has the biggest market capitalisation among its peers, at Rs 42,411 crore.

MRF Ltd. was incorporated on Nov. 5, 1960, and now ranks among the top 20 global tyremakers with 10 factories in India, according to the company’s annual report.

MRF shares rose 1.08% to Rs 1,00,039 apiece as of 9:57 a.m., compared to a 0.5% advance in the NSE Nifty 50.

Of the 11 analysts tracking the company, one maintains a ‘buy’ rating, two recommend a ‘hold’, and eight suggest a ‘sell’, according to Bloomberg data. The average of 12-month price targets implies a potential downside of 16%.