MRPL, Chennai Petroleum hit 52-week high on heavy volumes

MRPL up 10% to Rs 112, while CPCL surged 9% to Rs 331 in intra-day trade on BSE

Shares of refineries & petro products companies – Mangalore Refinery & Petrochemicals (MRPL) and Chennai Petroleum Corporation (CPCL) – have hit their respective 52-week highs on the Bombay Stock Exchange (BSE) in otherwise subdued market.

MRPL rallied 10% to Rs 112, while CPCL surged 9% to Rs 331 during intra-day trade on BSE on back of heavy volumes.

Post July-September (Q2FY17) results, CPCL has zoom 42%, while MRPL soared 27% as compared to less than 2% gain recorded by the benchmark index.

CPCL, a group company of Indian Oil, had reported a standalone net profit of Rs 98 crore in Q2FY17 against a net loss of Rs 450 crore in Q2FY16. MRPL, a subsidiary of Oil and Natural Gas Corporation (ONGC), posted profit of Rs 416 crore in Q2FY17 against loss of Rs 914 crore in the same quarter last year.

At 01:09 pm; MRPL was up 6% at Rs 108 on back of an over seven-fold jump in trading volumes. A combined 7.75 million shares changed hands on the counter so far against sub one million shares that were traded daily in past two weeks on the BSE and NSE.

CPCL was up 5% at Rs 320 with a combined 4.17 million shares changed hands on both the exchanges. The S&P BSE Sensex was trading flat at 26,661.