Other tyre companies also saw their share price rallying in the morning session.
Apollo Tyres jumped 5.1 percent to Rs 545, while JK Tyres soared 11.2 percent to Rs 502.
The move by MRF comes after Apollo Tyres, CEAT and JK Tyres have undertaken a price hike of three percent already.
Earlier in June, domestic brokerage Emkay Global said it saw multiple tailwinds for JK Tyres.
Story continues below Advertisement Remove AdAdditionally, the CV industry is likely to enter an upcycle from FY26, while Indian tyre companies are closing the gap with MNCs.
The CV industry is likely to enter an upcycle from FY26, while Indian tyre companies are closing the gap with MNCs
India's most expensive counter MRF was buzzing in early trade on July 15, after reports suggested that the tyre-maker increased prices, effective July 18. The reports sent the stock prices of other tyre players surging as well.
MRF bumped up its rates for truck tyres by 2 percent, while the prices for passenger car tyres and radial tyres have been increased between three to seven percent. There is no increase in the prices of two-wheelers as of yet, reported CNBC-TV18.
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At 10.55 am, MRF shares were quoting Rs 1,33,243 on the NSE, up 2.7 percent. Other tyre companies also saw their share price rallying in the morning session.
CEAT shares were trading at Rs 2,775, higher by 5.7 percent. Apollo Tyres jumped 5.1 percent to Rs 545, while JK Tyres soared 11.2 percent to Rs 502.
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This marks the first price increase after the minor price reduction MRF undertook in March 2024 across certain categories. However, the price increases still lag the cost increases seen over the past few months.
The move by MRF comes after Apollo Tyres, CEAT and JK Tyres have undertaken a price hike of three percent already.
Earlier in June, domestic brokerage Emkay Global said it saw multiple tailwinds for JK Tyres. The trucking industry fundamentals and sentiments are healthy (amid high utilization levels and stable freight rates).
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Additionally, the CV industry is likely to enter an upcycle from FY26, while Indian tyre companies are closing the gap with MNCs. The brokerage also said if raw material prices continue to rise, further rate hikes from tyre makers are expected.
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