New Delhi: MRF has once again become India’s costliest stock, leaving behind Elcid Investments Ltd, which became the most priced share in the Indian stock market in October 2024. On May 5, MRF share price jumped over 2 percent to touch Rs 1,37,811 on BSE. At the same time, Elcid’s stock also went up 1 percent to Rs 1,33,665. On NSE, the MRF stock reached its intraday high of Rs 1,37,845, while Elcid rose to Rs 1,33,999.
The experts believe that MRF shares jumped due to the huge fall in crude oil prices. The lowering of crude oil price has led to the input cost of companies engaged in the business of manufacturing tyres and paints decreasing. Tyre companies like MRF, which use derivatives made from crude oil (such as synthetic rubber and carbon black). Due to the reduction in cost, the company’s margin will increase and profits may increase.
In October 2024, Elcid Investments surprised everyone as its rallied from Rs 3.53 to Rs 2,36,250. The jump was recorded after a special call auction. The share price reached over Rs 3 lakh for some time as it hit an upper circuit. Elcid stock rose as the company increased its stake by 2.83 percent stake in Asian Paints, which is worth about Rs 8,500 crore.
Experts are of the view that declining crude oil prices and strong demand from the tyre industry are positive for MRF. The company’s strong brand, global reach and focus on innovation are making it a choice of investors. On the other hand, the high price of Elcid depends on its holding value.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds and crypto assets.)
MRF has overtaken Elcid Investments as India’s most expensive stock. This surge is attributed to the drop in crude oil prices, benefiting tyre manufacturers like MRF. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
