MRPL, Chennai Petroleum soar up to 19% on strong business outlook
Shares of Mangalore Refinery & Petrochemicals (MRPL) and Chennai Petroleum Corporation (CPCL) rallied up to 19 per cent and hit their respective 52-week highs amid heavy volumes on the BSE in Tuesday’s trade in an otherwise weak market.
The rise in the Singapore gross refining margin (GRM) to a record high of $25.2 a barrel bodes well for Indian refiners as they process raw crude into refined products.
Among the individual stocks, MRPL surged 19 per cent to Rs 107.35, while CPCL soared 17 per cent to Rs 374.80. In comparison, the S&P BSE Sensex was down 0.93 per cent at 55,159 at 10:07 am. In the past three months, CPCL has zoomed 234 per cent and MRPL has surged 145 per cent, as against a 4 per cent rise in the benchmark index, on strong earnings.
