MRF shares ascend 12 percent

Bangalore: The MRF stock was on a roll as its price went up by nearly 12 percent and touched its one year high, on a day when the Sensex ended flat. Having started the day at 6,365, the stock touched its 52 week of 7228, before closing trade at 7,104.80, with a gain of 11.63 percent. Through the day, 105,860 shares were traded in the market with the current P/E ratio of the stock at 7.34. The 52 week stock price chart is on the left.

MRF is an India-based company engaged in the manufacture of tyres, tubes, flaps, tread rubber and conveyor belt. Its subsidiaries include MRF Corporation, MRF International and MRF Lanka. The company also manufactures specialty coatings for a range of applications. Recently the company announced that it has commenced work on its new plant on a 300-acre site in Tiruchi about a month ago. The company recorded a sales turnover of 6,200 crore in 2008-09 (October 2008-September 2009).

With Tata out to go in for manufacture of the Nano cars in a big way this year, MRF hoped to cash in on this development since MRF tyres were the only one approved for the Nano cars. UTI Children's Career Balanced Plan holds the highest number of shares in MRF with 64,341 shares in its portfolio.