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The stock of MRPL jumped 19.5% in yesterday's trading session as the stock continues to show strong growth this year.
Mangalore Refinery and Petrochemicals Limited (MRPL) is a schedule 'A' CPSE MINI RATNA company and a subsidiary of ONGC. It was commissioned in 1996 with a capacity of 3.69 MMTPA (Million Metric Tonne Per Annum), currently standing at 15 MMTPA. Its refinery is capable of producing almost a full range of petroleum products like Naphtha, LPG, Motor Spirit, High-Speed Diesel, Kerosene, Aviation Turbine Fuel, Sulphur, Xylene, Bitumen along with Pet Coke and Polypropylene.
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MRPL was the strongest performer in BSE Group 'A' yesterday as higher refining margins boosted investor confidence.
The stock witnessed a full gap opening yesterday as it opened at Rs 95.50 per share, up 5.5%. Even today, the stock keeps going strong reaching a high of Rs 123.35 per share, jumping for the 3rd consecutive day!
Yesterday, in the first 15 minutes, the stock jumped through the Rs 100 mark to reach a high of Rs 106.75 per share. The stock witnessed significant movement as yesterday, it eventually closed at Rs 108.15 per share, and today opening at Rs 110.0.
The stock has been showing impressive growth since April 2022 while the indexes and major blue-chip companies were facing selling pressure. The stock has grown 160% since the beginning of April 2022 as brokerages are suggesting investors hold the stock for better gains.
Article by Aman Agarwal.
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