MRF Stock Emerges Country’s most Expensive Stock, Hits Rs 50,000 on BSE

New Delhi: The surge of seven percent on Wednesday made MRF as the country's most expensive stock. Shares of tyre maker MRF were in huge demand as the stock skyrocketed to a one year high of Rs 50,000 during the session. MRF stock finally closed with nearly seven per cent gain. The stock surged 6.73 per cent to settle at Rs 49,734.45 on BSE.

Following the sharp rally in the stock, the company’s market valuation rose by Rs 1,330.09 crore to Rs 21,093.09 crore. The stock has gained almost 20 per cent so far this year. It has also surged over 63 per cent from its 52-week low of Rs 30,464.25 hit on June 24 this year. MRF shares recorded a whopping rise of 650 per cent surge in the past five years amid rising demand from OEM and replacement markets.

MRF shares recorded a whopping rise of 650 per cent surge in the past five years amid rising demand from OEM and replacement markets. The MRF share price moved in a wide range of Rs 30,000-50,000 during the past one year. The market capitalization of MRF reached to Rs 21,201 crore.

During the day, it zoomed 7.29 per cent to Rs 50,000. At NSE, shares of the company gained 6.85 per cent to close at Rs 49,753.35. Intra-day, the scrip hit its 52-week high of Rs 50,190, up 7.79 per cent from its previous close.

Following the sharp rally in the stock, the company's market valuation rose by Rs 1,330.09 crore to Rs 21,093.09 crore. The stock has gained almost 20 per cent so far this year. It has also surged over 63 per cent from its 52-week low of Rs 30,464.25 hit on June 24 this year.

Buying was also seen in other tyre stocks, with shares of JK Tyre & Industries soaring 6.23 per cent, Ceat (5 per cent) and Apollo Tyres (2.44 per cent) on BSE.

Other expensive stock is state-run MMTC. On an unadjusted basis, MMTC share price rose 2.17 percent. It surpassed Rs 55,000 level in November 2007. Another stock is Bosch. On adjusted basis, Bosch shares hit Rs 27,989.25 level in March 2015, according to data by Capitaline. Other expensive stocks are Dalal Street Investments, Eicher Motors, Zandu Realty and Ravalgaon Sugar on BSE as these stocks have risen above Rs 20,000 apiece in their trading history.

Source: PTI