The stock price of popular Indian tyre manufacturer MRF hit a record $1,217 (₹100,300) on the Bombay Stock Exchange (BSE) in morning trading hours on Tuesday, a new milestone for Indian company stock.
MRF shares rallied 1.37 percent to hit the new 52-week high on BSE.
The Chennai-based tyre maker tops the list of stocks with the highest price tags in India, distantly followed by Honeywell Automation at a price of ₹41,152 a share.
MRF’s stock performance on BSE
Last month, the tyre maker stock had fallen short of just ₹66.50 to hit the ₹100,000 mark in the spot market but had crossed the psychologically-important level in the futures market on May 8.
Despite the high price tag, MRF is not the most expensive stock in India as investors value securities on metrics like price to earnings (PE) or price to book value (PE).
On a trailing 12-month basis, MRF shares were trading at a PE of 55.2 times earnings.
The tyre maker has a total of 4,241,143 shares, out of which 3,060,312 shares are owned by public shareholders, representing 72.16 percent of the total equity.
Promoters hold 1,180,831 shares, accounting for the remaining 27.84 percent of the total equity.
In the last 3 months, the company stock has rallied over 20 percent on BSE.
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