MRPL surges after govt upgrades status to schedule 'A'

A combined 1.31 million shares of the state-owned refinery company changed hands till 1100 hours on BSE and NSE.

Shares of Mangalore Refinery and Petrochemicals (MRPL) has surged nearly 14% at Rs 42.75 in otherwise weak market on back of heavy volumes on BSE.

A combined 1.31 million shares of the state-owned refinery company have already changed hands on the counter till 1100 hours against an average 300,000 shares that were traded daily in past two weeks. The stock opened at Rs 37.20 and hit a low of Rs 36.55 so far.

In a BSE filing today, the company said that MRPL, a listed Central Public Sector Enterprise (CPSE) under Ministry of Petroleum and Natural Gas has been upgraded from schedule 'B' status to schedule 'A' status by Department of Public Enterprises, Government of India with effect from July 04, 2013.

This implies greater autonomy to the management, growth in organizational hierarchy besides placing MRPL in a better position in the international competitive market, it added.

Meanwhile, the media report suggests that State Trading Corporation (STC) of Mauritius is expected to renew its petroleum products sourcing agreement with MRPL shortly.