MRPL edges higher

Mangalore Refinery and Petrochemicals rose 1.45% to Rs 63.10 at 14:36 IST on BSE after the company said that the commercial production of polypropylene is expected to commence shortly.

The announcement was made during market hours today, 27 February 2015.

Meanwhile, the S&P BSE Sensex was up 398.28 points or 1.39% at 29,144.48.

On BSE, so far 89,000 shares were traded in the counter as against average daily volume of 1.75 lakh shares in the past one quarter.

The stock hit a high of Rs 63.90 and a low of Rs 62.60 so far during the day. The stock had hit a 52-week high of Rs 80.65 on 21 May 2014. The stock had hit a 52-week low of Rs 38.05 on 28 February 2014.

The stock had outperformed the market over the past one month till 26 February 2015, surging 23.17% compared with Sensex's 1.82% fall. The scrip had also outperformed the market in past one quarter, jumping 21.6% as against Sensex's 1.27% rise.

The mid-cap company has equity capital of Rs 1752.60 crore. Face value per share is Rs 10.

Mangalore Refinery and Petrochemicals (MRPL) said that propylene has been taken into polypropylene unit today, 27 February 2015. The commercial production is expected to commence shortly, MRPL added.

MRPL reported a net loss of Rs 1894.36 crore in Q3 December 2014, higher than net loss of Rs 247.68 crore in Q3 December 2013. Net sales declined 21.1% to Rs 14711.85 crore in Q3 December 2014 over Q3 December 2013.

MRPL, a schedule 'A' CPSE and a subsidiary of ONGC, is a grassroot refinery located in Mangalore city, in Dakshin Kannada region. The refinery has flexibility to process crudes of various api and with high degree of automation.

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