MRF Ltd, India’s most expensive stock by per-share value, soared over 6% on Tuesday to touch a fresh all-time high of ₹1,53,825. The surge comes as investors bet on favourable announcements in the upcoming GST Council meeting, which may consider rationalisation of tax rates on tyres.
At present, automotive tyres are placed under the 28% GST slab, the highest bracket. The Automotive Tyre Manufacturers Association (ATMA) has urged the government to lower this rate, arguing that tyres are essential goods and not luxury products. Lower taxes, the body said, would ease cost pressures in transportation, agriculture, mining, and construction sectors, all of which rely heavily on tyres.
The optimism around a potential GST rate cut sparked buying interest in MRF, pushing the stock up by nearly ₹9,000 in a single session. With this rally, MRF’s market capitalisation crossed ₹658 billion, further consolidating its stature as India’s highest-value listed stock.