MRF shares snap 3-day fall, scale fresh one-year high today: Check AGM date, dividend info & more

Shares of MRF Ltd rose on Wednesday to touch their new one-year high levels, pausing a three-day slide. The stock today climbed 1.53 per cent to hit a 52-week high of Rs 1,00,900 against its previous close of Rs 99,383.60. It eventually settled 1.01 per cent higher at Rs 1,00,385. The company today announced that it would hold its 62nd Annual General Meeting (AGM) on July 27, 2023. Also, the date of payment of final dividend is on or after August 21, 2023, subject to the approval of the shareholders in the ensuing AGM, MRF stated.

In a separate notification, MRF further said there are no interest/principal obligations payments due for the non-convertible debentures (NCDs) issued in the quarter between July 2023 and September 2023.

On June 13, MRF made history on Dalal Street as it touched the psychological six-digit mark of Rs 1,00,000, becoming India's first listed stock to do so. The stock has gained 47.52 per cent in the past one year.

Technical analysts largely suggested that the counter may further climb up to Rs 1,15,000. Support on the counter could be seen near Rs 95,000 level, one of them said.

"A close above Rs 1 lakh could confirm bullish flag breakout, which can push it towards Rs 1,15,000 level," said Gaurav Bissa, VP, InCred Equities.

"The stock's upward momentum is likely to continue with a potential target of around Rs 1,10,000," said Santosh Meena of Swastika Investmart.

"The pattern target comes around Rs 1,20,000 but to be on the conservative side, Rs 1,08,000-1,14,000 seems very much achievable in the comparable period," said Osho Krishan, Senior Analyst for Technical & Derivative Research at Angel One.

"The stock has a strong support near Rs 95,000 levels. As long as MRF trades above Rs 95,000, it can touch Rs 1,25,000 till Diwali this year," said Vaibhav Kaushik, Research Analyst at GCL Broking.

The counter's 14-day relative strength index (RSI) came at 68.98. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-earnings (P/E) ratio of 51.64. It has a negative price-to-book (P/B) value of 2.91.

That said, the scrip has an average target price of Rs 75,400, Trendlyne data showed, suggesting a potential downside of 24.92 per cent. It has a one-year beta of 0.74, indicating low volatility on the counter.

Around 471 shares changed hands today on BSE, which was higher than the two-week average volume of 333 shares. Turnover on the counter stood at Rs 4.72 crore, commanding a market capitalisation (m-cap) of Rs 42,574.71 crore.

Meanwhile, Indian equity benchmarks closed at their fresh closing highs today, led by gains in financials, banks and technology stocks. The 30-share BSE Sensex pack rose 195 points or 0.31 per cent to close at 63,523; while the broader NSE Nifty index moved 40 points or 0.21 per cent to settle at 18,857.