Shares of Mangalore Refinery & Petrochemicals (MRPL) continued at their northward movement, surging 9 per cent on the BSE, to hit a over four-year high of Rs 118.55 on the BSE in an otherwise a subdued market on Wednesday. The stock of the refineries & marketing company has surged 31 per cent in the past two trading days on expectation of strong earnings.
At 09:30 am, MRPL was 6 per cent higher at Rs 114.85, as compared to 0.13 per cent decline in the S&P BSE Sensex. The stock exchanges had revised circuit limit on of MRPL from 5 per cent to 20 per cent with effect from Monday.
MRPL is engaged in the business of refining crude oil, and is a subsidiary of Oil and Natural Gas Corporation Limited (ONGC), which holds 71.63 per cent stake.
