ManagementMRF zooms 20% on four-fold jump in net
MRF finally settled with 16.5% increase at Rs 4,454. The counter witnessed trades of 61,745 shares, as against its two-week average traded quantity of 9,607, which is a massive increase of 521,38.
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MRF zoomed 20% to Rs 4,585, also its 52- week high, on the back of 294% jump in net profit. The stock has increased three-fold in six months.
The stock is now up nearly 16.5% to Rs 4,452, after opening at Rs 3,825.
The counter has witnessed trades of 55,000shares, around 15 times more than its two-week average traded quantity of 3,609 shares on the BSE.
MRF registered a net profit of Rs 125.70 crore for the quarter ended June 2009 from Rs 31.86 crore in the same quarter previous year.
The net sales of the company increased by 12.4% to Rs 1433.55 crore from Rs 1274.37 crore.
MRF is India"s leading tyre manufacturing company. The company manufactures an extensive range of tyres and conveyor belts in six production facilities in India. MRF exports its products to over 75 countries worldwide.