Bongaigaon flares up on institutional support

DALAL STREET SPIKES

Bongaigaon Refinery and Petrochemicals (BRPL) hit an all-time high of Rs 96.50 before closing at Rs 95.15, up by 3.76 per cent.

More than 27.80 lakh shares were traded on the BSE. The counter moved up on strong institutional buying but lost marginal ground from the intra-day high on profit-booking.

Players are optimistic of the future prospects of the company. Certain domestic brokerages are said to be bullish on the counter, picking up huge quantities.

Analysts point to revival in the company's petrochemicals business as well as on the benefit from tax exemption given to its refinery business for the company.

The company is said to have recently signed a pact with petrochemicals major Reliance Industries (RIL) to restart its petrochemicals business.

For Q2 ended September 30, 2003, BRPL registered a 240.6 per cent rise in net profit to Rs 105.03 crore (Rs 30.84 crore).