Shares of MRF climbed more than 2 per cent in morning trade on Thursday after the company's consolidated net profit surged over two-fold for the March quarter.
The stock of the tyre maker advanced 2.21 per cent to ₹95,600 apiece on the BSE.
At the NSE, it climbed 2.26 per cent to ₹95,677.10 a share.
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MRF, on Wednesday, said its consolidated net profit surged over two-fold to ₹341 crore for the March quarter, riding on lower raw material cost.
The company had reported a net profit of ₹165 crore in Q4 FY22 from the continuing operations.
Revenue from operations rose to ₹5,842 crore for the fourth quarter, as against Rs 5,305 crore in the year-earlier period, MRF Ltd said in a regulatory filing.
For FY23, the tyre major reported a net profit of ₹769 crore, as compared to ₹669 crore in Q4 FY22.