Even this level of growth doesn’t appear to be meeting the lofty targets of mainstream automakers who may have overplanned their production capacity and investments.
Shares of MRF declined nearly 6 per cent today after the tyre maker reported a 25 per cent fall in profit for the quarter ended June 2022. MRF stock fell 5.81 per cent to Rs 82,615 against the previous close of Rs 87,712.25 on BSE. The stock opened lower at Rs 86,551. At 2:09 pm, the large cap stock was trading 4.36 per cent lower at Rs 83,885.
The company s board, which met on Thursday, also approved raising of up to Rs 1,000 crore by way of issuance of non-convertible debentures on private placement basis in one or more tranches.
Updated:
Nod for interim dividend of ₹3 / share
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MRF Ltd. on Thursday said standalone net profit for the third quarter ended December has more than doubled to ₹512 crore on increased sales volume, compared with the year-earlier period.
Nod for interim dividend of ₹3 / share
MRF Ltd. on Thursday said standalone net profit for the third quarter ended December has more than doubled to ₹512 crore on increased sales volume, compared with the year-earlier period.
During the quarter under review, revenue from operations increased by 14% to ₹4,567 crore, while financial costs declined to ₹64 crore from ₹70 crore, the company said in a filing.