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Buy MRF, advises Mehraboon Irani

Mehraboon Irani of Nirmal Bang Securities told CNBC-TV18, " MRF has been a consistent buy from our side from around Rs 8,000 level. Even at the present level we feel that MRF controls around 75 percent of the replacement market and with the OEM market not likely to take off in a hurry, I think the replacement market should remain active considering the number of cars which have come on the road in the last three years." "The momentum is there in MRF, the valuation was attractive. We do feel that this stock should go at least to Rs 15,500 in the very short run and we are continuing to recommend this stock in buying for our investors," he said. At 09:55 hrs MRF was quoting at Rs 14,890, up Rs 87.45, or 0.59 percent. It has touched an intraday high of Rs 14,994 and an intraday low of Rs 14,700. The share touched its 52-week high Rs 15,499.80 and 52-week low Rs 10,179.10 on 22 May, 2013 and 20 November, 2012, respectively. Currently, it is trading 3.93 percent below its 52-week high and 46.28 percent above its 52-week low. Market capitalisation stands at Rs 6,315.06 crore.

Article Courtesy- http://www.moneycontrol.com