RPL surges over 6% on bourses to settle at Rs84.70

RPL surges over 6% on bourses to settle at Rs84.70

Mumbai: Shares of Mukesh Ambani-led Reliance Petroleum settled 6.34% higher on the bourses after the company commissioned the world’s largest refining hub at Jamnagar in Gujarat.

Shares of the RPL opened on a firm note in the morning and continued its upward move and closed 6.34% up at Rs84.70, on the Bombay Stock Exchange (BSE).

During the day the scrip touched its intra-day high of Rs89.45, over 1.72 crore shares changed hands on the bourse.

Similar, trend was seen on the National Stock Exchange (NSE) where the scrip settled at Rs84.75, up 6.74%. The stock had touched its intra-day high of Rs89.90, more than 3.44 crore shares were traded on the bourse.

RPL commissioned a 580,000 barrel a day refinery adjacent to its parent Reliance Industries’ existing 33 million tonne per annum refinery.

The two units together will be the world’s largest refining complex with a total processing capacity of 1.24 million barrels of oil per day.

The surge assumes significance as the Sensex settled in the negative territory at 9,328.92, a dip of 2.51% or 239.80 points from its last close. The wide-based National Stock Exchange Nifty closed 2.04% down at 2857.25.

Meanwhile, Oil Ministry is believed to have turned down Reliance Petroleum Ltd’s request to export LPG from its newly commissioned refinery at Jamnagar in Gujarat, forcing the only-for-exports unit to sell the cooking fuel locally.

RPL, had sought nod to export the entire liquefied petroleum gas (LPG) production till the 580,000-barrels per day refinery in the Jamnagar SEZ is fully commissioned.

“Petroleum Ministry wrote to RPL saying its request cannot be entertained as the country continues to have LPG deficit," a senior official said.