Active Stocks
Thu Jun 13 2024 13:19:45
  1. Tata Steel share price
  2. 181.70 -0.30%
  1. State Bank Of India share price
  2. 842.05 0.35%
  1. Wipro share price
  2. 482.70 1.22%
  1. NTPC share price
  2. 370.20 -0.31%
  1. Tata Motors share price
  2. 987.50 -0.11%
Business News/ Markets / Stock Markets/  MRPL stock soars over 17.5%, sets new record high after 16 years; here's why
BackBack

MRPL stock soars over 17.5%, sets new record high after 16 years; here's why

Shares of Mangalore Refinery and Petrochemicals surged 17.8% to hit a new record high of ₹158 apiece in today's trading session, surpassing their previous record set in 2008. The stock has generated multibagger returns of 137.52% in 2023.

In the calendar year 2023, the stock generated a multibagger return of 137.52%, marking its third consecutive year of positive performance.Premium
In the calendar year 2023, the stock generated a multibagger return of 137.52%, marking its third consecutive year of positive performance.

Shares of Mangalore Refinery and Petrochemicals, a government-owned refinery company, continued their winning streak for the third consecutive trading session on Thursday, gaining 17.8% to hit a new record high of 158 apiece, surpassing their previous record of 149 apiece achieved in January 2008.

By 01:15 pm, a total of 33.8 million shares were traded on the NSE and BSE combined, significantly exceeding the one-week average trading volume of 2.1 million shares.

Also Read: Nifty 50 usually gains 6 months pre and post general elections despite volatility: Motilal Oswal

In the calendar year 2023, the stock generated a multibagger return of 137.52%, marking its third consecutive year of positive performance. In both CY21 and CY22, it achieved gains of 21% and 31%, respectively. Notably, the stock concluded the last 10 months with positive returns, with April 2023 witnessing the highest monthly gain of 22.12%. In the current month so far, it is up by 17%.

Mangalore Refinery and Petrochemicals Limited (MRPL) is a Category 1 Schedule ‘A’ Miniratna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas. It is the first Indian refinery to be certified with AS9100D:2016 for the production, certification, and distribution of Aviation Turbine Fuel (ATF), according to the company's recent exchange filing. 

Also Read: RVNL share price touches lifetime high after 175% rally in one year

Second Quarter Performance

For the September quarter (Q2FY24), the company reported a consolidated net profit of 1,059 crore, a strong turnaround from a net loss of 1,789 crore in the same period a year ago. The company achieved a profit of $ 17.11 for every barrel of crude oil processed into fuels like petrol and diesel in the second quarter of FY24. 

Also Read: How Red Sea attacks put India’s trade at risk

In contrast, during the corresponding period last year, the company posted a negative gross refining margin of $ 4.46 per barrel, primarily due to considerable volatility in crude oil prices.

Furthermore, there was an improvement in the debt-to-equity ratio, which decreased from 2.24 in the second quarter of the previous fiscal year to 1.7 in Q2 FY24.

For the April–September period of FY24, the company reported a net profit of 2,072 crore. This signifies a notable improvement of 126% compared to the net profit of 918 crore recorded in the first half of FY23.

At 01:15 pm, the stock was trading with a gain of 17.22% at 157.25 apiece. 

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 11 Jan 2024, 01:55 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started