On a roll! This tyremakers stock price jumps over Rs 4,500 apiece post good earnings, dividend

MRF share price jumped nearly 5 per cent to hit a high of Rs 92,850 apiece on the BSE after the company announced a 1,690 per cent final dividend (Rs 169 per share of the face value of Rs 10) along with the announcement of the March quarter results. The stock settled at Rs 88,593.60 in the previous session.

At the time of writing this news, the stock traded 2.64 per cent higher at Rs 90,929.95 on the BSE. For the quarter ended March 2023, the consolidated net profit came in at Rs 340.67 crore, up 106 per cent year-on-year (YoY). Revenue from operations for the period stood at Rs 5,841.72 crore, up 10 per cent against Rs 5,304.82 crore registered in the March quarter of the previous fiscal.  

The total income of the company for the said quarter was Rs 5,911.51 crore against Rs 5,370.83 crore in the year-ago period.

Other tyre stocks were also trading in the green. JK Tyre & Industries was up over 3 per cent at Rs 187.15 while Apollo Tyres added over 1.5 per cent. In comparison, the benchmark S&P BSE Sensex was trading at 61,135.74 points.

Tyres stocks were in demand also because of a sharp drop in crude oil prices. One of the main components of tyre manufacturing is synthetic rubber, which is made from oil.