MUMBAI: Tyre manufacturer MRF on Tuesday became the first stock to cross the Rs 1 lakh mark and created a new milestone on Dalal Street. MRF shares on Tuesday jumped 1.37 per cent to hit a new 52-week high of Rs 1,00,300 on the BSE whereas it hit Rs 1,00,439.95 on the NSE.
During the last month, MRF was short by Rs 66.50 to hit the Rs 1 lakh mark in the spot market, but the company crossed the psychologically-important level in the futures market on May 8. The company is at the top of the list of stocks with the highest price tags. The second place on the list is held by Honeywell Automation whose shares were being sold at Rs 41,152. The other companies include Page Industries, Shree Cements, 3M India, Abbott India, Nestle, and Bosch.
However, the top position doesn’t make MRF the most expensive stock as in India investors look at securities on metrics like price to book value or price to earnings. The company also announced issue of 15,000 NCDs.
The Chennai-based company has rallied over 20 per cent in the last three months with a market capitalisation of Rs 42,500 crore. The company has a total of 42,41,143 shares, of which 72.16 per cent or 30,60,312 shares are owned by public shareholders.