MRF share price: Investors lose over Rs 6,000 apiece as tyre company's net profit dips 32% in Q2

MRF Share Price, MRF Dividend 2022: MRF Limited, NSE: MRF, share prices slumped more than 6 per cent or over 6000 apiece on Wednesday. The selling in the counter was seen on the back of poor second quarter results wherein the tyre company's consolidated net profit declined by 32 per cent to Rs 130 crore due to higher expenses.

According to technical analyst Nilesh Jain, investors should avoid fresh buying as this weakness will continue for the short term. 

"Investors must wait for shares to decline further. Fresh buying is recommended at the levels of Rs 88,000 to Rs 88,500. If someone wants to invest only in the tyre segment, Apollo Tyres is a much better option at the moment," Jain told Zee Business. 

The scrip had closed at Rs 94,900.10 in the last trading session i.e. on Monday. Stock markets were closed on Tuesday on the account of Guru Nanak Jayanti.

The 52-week high and low of the scrip were Rs 96,000 and Rs 63,000 respectively. The counter hit an all-time high of Rs 98,599 on February 11, 2021 and an all-time low of Rs 48,799.75 on January 2, 2017.

The company had posted a net profit of Rs 190 crore in the July-September quarter of the previous fiscal.
Revenue from operations, however, rose to Rs 5,826 crore for the second quarter, as compared to Rs 4,908 crore in the year-ago period, MRF Ltd said in a regulatory filing.

The total expenses of the company rose to Rs 5,730 crore during the September quarter, up 21 per cent from Rs 4,741 crore in the corresponding quarter of the last fiscal.

Meanwhile, the multinational tyre manufacturing company has fixed the record date and payment date for the dividend. This would be the first interim dividend for the financial year 2022-23 that MRF will pay to its shareholders.

MRF Interim Dividend 2022 Amount

MRF is the country's largest manufacturer of tyres. It has decided to pay 30 per cent dividend per share to its shareholders. The 30 per cent dividend translates into Rs 3 per share. The face value of each share of MRF is Rs 10.

MRF Dividend Ex Date, Record Date 2022

The company has also announced the record date for determining the eligibility of shareholders for receiving the dividend. MRF dividend record date is Friday, November 18. MRF shares will trade ex-dividend date a business day before the record date. 

MRF Dividend 2022 Payment Date 

According to the filing, MRF will pay dividend to its shareholders on or after December 2. The dividend amount will directly be credited into the bank account of the shareholders linked to the Demat accounts.

Click Here For Latest Updates On Stock Market | Zee Business Live