Mumbai: Tyre manufacturer MRF on Tuesday created a new milestone on stock market as it became the first stock to cross the Rs 1 lakh mark. MRF shares rallied 1.37% to hit a new 52-week high of Rs 100,300 on Bombay Stock Exchange.
Earlier in May, MRF had fallen short of just Rs 66.50 to hit the Rs 100,000 mark in the spot market but had crossed the psychologically-important level in the futures market on May 8.
In India, MRF tops the list of stocks with the highest price tags. Honeywell Automation, whose shares were being sold today at price of Rs 41,152, is the second on the list, followed by the likes of Page Industries, Shree Cement, 3M India, Abott India, Nestle and Bosch.
A stock split can reduce price tags but MRF has never done so. The Chennai-based company has a total of 42,41,143 shares, out of which 30,60,312 shares are owned by public shareholders, representing 72.16% of the total equity. Promoters hold 11,80,831 shares, constituting 27.84% of the total equity.
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