Shares of Mangalore Refinery and Petrochemicals Ltd. (MRPL) are trading with gains of over 6 percent in a weak market on Wednesday. The stock also crossed the mark of Rs 100 in today's trading session.
Today's gains has taken the stock to its highest level in 16 months. The last time MRPL shares crossed the mark of Rs 100 was back in June 2022.
The stock has also gained in three out of the last four trading sessions and is now up nearly 80 percent in 2023. This is also the best annual return for the stock since 2009.
Today's gains are also coming on volumes that are over 6 times higher than its 20-day average. With this move, MRPL's market capitalisation has crossed the mark of Rs 17,000 crore and is now nearing the Rs 18,000 crore mark.
MRPL refines oil and produces petroleum and petrochemicals. ONGC and HPCL are classified as the company's promoters.
As of the June quarter shareholding pattern, ONGC has a 71 percent stake in the company, while HPCL holds close to 17 percent. Together, the promoter shareholding in the stock is at 88 percent.
Shares of MRPL are now trading 7 percent higher at Rs 102.15.
First Published: Oct 4, 2023 10:55 AM IST
