MRF hitting new highs everyday!

MRF has been hitting new highs consistently for the past few days. Yesterday was a record of sorts when it rose past the Rs.60,000-mark to hit a new high at Rs.60,140, ultimately closing at Rs.59.905. Today too, the stock has already hit another new high, once again going over the Rs.60,000 at Rs.60,298.90. It has come off this level and is now at Rs.59,932.

This is the most highly quoted stock on the stock exchange. To think that this Rs.10 face value stock, same day in March 2011 was at Rs.6324 and today, it is LMOST 10 times more. It indicates the depreciation in value of money and the growing fancy for this tyre stock.

The stock is up on expectations that the Govt might soon impose an anti-dumping duty on import of radial tyres in certain categories. The Commerce Ministry is expected to take a decision today on the same.