MRF stock price hits Rs 50,000, ends nearly 7% up

New Delhi: Shares of tyre maker MRF were in huge demand Wednesday, hitting a one year high of Rs 50,000 during the day to finally close with nearly 7 percent gains.

The stock surged 6.73 percent to settle at Rs 49,734.45 on BSE. During the day, it zoomed 7.29 percent to Rs 50,000.

At NSE, shares of the company gained 6.85 percent to close at Rs 49,753.35. Intra-day, the scrip hit its 52-week high of Rs 50,190, up 7.79 percent from its previous close.

Following the sharp rally in the stock, the company's market valuation rose by Rs 1,330.09 crore to Rs 21,093.09 crore.

The stock has gained almost 20 percent so far this year. It has also surged over 63 percent from its 52-week low of Rs 30,464.25 hit on June 24 this year.

Buying was also seen in other tyre stocks, with shares of JK Tyre & Industries soaring 6.23 percent, Ceat (5 percent) and Apollo Tyres (2.44 percent) on BSE.