MRF Limited shares jumped almost 3% after its Q4 results for FY20:
MRF Limited: It is one of the largest tyre manufacturers in India and fourteenth largest manufacturer in the world. However, the company is located in Chennai. The company manufactures rubber products like tyres, tubes, belts, paints, and toys. On the other side, the company also runs the MRF Pace Foundation and MRF Challenge. The company was founded by K.M. Mammen Mappillai in 1946.
Meanwhile, on Tuesday, June 30th, the companies shares surge almost 4% in the stock market. The main reason for this is due to the company reported its Q4 results for the financial year 2019-20. The company’s consolidated net profit increased by two times to Rs. 679.02 crores in Q4FY20. While the company also posted its net profit of Rs. 293.93 crores in the same quarter last financial year 2018-19.
Besides, the company’s total revenue decreased to Rs. 3,685.16 crores in this quarter ended on March 31st. While the company also posted its total revenue of Rs. 4,137.67 crores in the same quarter last fiscal year.
On the other side, the company board members recommended its “final interim dividend” of Rs. 94.00 per each share. While the company’s average dividends for the last financial year stood at Rs. 100.00 per each.
In the financial year 2019-20, the companies net profit stood at Rs. 1,422.57 crores as against Rs. 1,130.61 crores in the same quarter last year. While the company’s income from operations for this quarter reported at Rs. 16,239.36 crores as against Rs. 16,062.46 in the same period last year.
However, MRF Limited reported a bullish trend in the stock market on Tuesday, June 30th. The company gained 1,903.10 points with a 2.92% increase and reached 67,100.00 INR. While in BSE, the company gained 1,847.95 points with a 2.83% increase and reached 67,039.20 INR.
Stock Market June 30th:
On Tuesday, both Sensex and Nifty continues its bearish trend in the stock market. The Sensex is trading below 35,000 levels and Nifty is trading below 10,400 levels in the stock market. The Sensex lost 45.75 points with a 0.13% decrease and reached a 34,915.80 level. While Nifty lost 2.40 points with a 0.023% decrease and reached 10,310.00 levels.
On the other side, the number of coronavirus cases in India reached 5,66,840 as of Tuesday, June 30th, and deaths reached 16,893.
In the border market, the S&P BSE SmallCap reported a bearish trend in the stock market on Tuesday. It lost 93.69 points with a 0.75% decrease and reached 12,380.75 levels. The S&P BSE Midcap lost 18.44 points with a 0.14% decrease and reached a 13,055.28 level. While Nifty Bank gained 11.15 points with a 0.05% increase and reached 21,370.15 levels.
Top Gainers on June 30th: Shree Cements, Maruti Suzuki, Nestle India, ICICI Bank, and Britannia are the top gainers in today’s stock market.
Top Losers on June 30th: BPCL, IOC, Power Grid Corp, Sun Pharma, and UPL are the top losers in today’s stock market.