MRF surges on plan of supplying tyres for Indian Air Force’s Sukhoi aircraft

MRF is currently trading at Rs. 23170.00, up by 381.75 points or 1.68% from its previous closing of Rs. 22788.25 on the BSE. The scrip opened at Rs. 23000.00 and has touched a high and low of Rs. 23174.00 and Rs. 22701.50 respectively. So far 574 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 24500.00 on 07-Apr-2014 and a 52 week low of Rs. 11469.85 on 12-Apr-2013. Last one week high and low of the scrip stood at Rs. 24500.00 and Rs. 21907.00 respectively. The current market cap of the company is Rs. 9746.13 crore. The promoters holding in the company stood at 27.32% while Institutions and Non-Institutions held 16.49% and 56.19% respectively. MRF, the 15th largest tyre company in the world, has decided to produce and supply main wheel tyres of the Sukhoi-30 MKI fighter aircraft to the Indian Air Force. These tyres will be manufactured at MRF’s Medak factory in Andhra Pradesh. The company will supply these tyres at about Rs 56,000 a piece compared with over Rs 1 lakh it costs to import. MRF (Madras Rubber Factory) is India’s No.1 tyre manufacturing company. Currently, the company exports tyres to over 65 countries including America, Europe, Middle East, Japan, and the Pacific region.