MRF Ltd. became the first Indian company to have its share price cross the Rs 1 lakh apiece landmark.
India's largest tyremaker's shares hit a record of Rs 1,00,039 apiece on Tuesday at 9:57 a.m. The stock has returned 4,346% in the last 30 years, according to Cogencis data.
MRF, listed nearly 30 years ago, was founded in 1946 as a rubber balloon factory by the late KM Mammen Mappillai with a funding of Rs 14,000. It began manufacturing tread rubber in 1952. The company now has a market capitalisation of Rs 42,411 crore, the highest among its peers.
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%.
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