MRF, a major tyre manufacturing company, witnessed a rise in share price on Friday after the company signed the Memorandum of Understanding with the Government of Tamil Nadu.

This MoU was signed in order to invest not less than Rs. 45 billion in its plants at Perambalur and Arakonam in Tamil Nadu over a period of 7 years.

Shares of MRF are trading at Rs 41,025.85, up Rs 386.8, or 1% at the Bombay Stock Exchange (BSE) on Friday at 9:21 a.m.

The scrip has touched an intra-day high of Rs 41,179.60 and low of Rs 40,900.05. The total volume of shares traded at the BSE is 134.