MRPL gains on bargain hunting

Mangalore Refinery & Petrochemicals rose 2.39% to Rs 27.85 at 10:48 IST on BSE on bargain hunting after the stock tumbled 11.83% in the preceding four sessions to Rs 27.20 on Monday, 19 August 2013, from a recent high of Rs 30.85 on 12 August 2013.

Meanwhile, the BSE Sensex was down 124.92 points, or 0.68%, to 18,182.60.

On BSE, 24,000 shares were traded in the counter compared with average volume of 98,763 shares in the past one quarter.

The stock hit a high of Rs 27.95 and a low of Rs 26.90 so far during the day. The stock hit a 52-week low of Rs 26.45 on 16 August 2013. The stock hit a 52-week high of Rs 70.50 on 10 October 2012.

The stock had underperformed the market over the past one month till 19 August 2013, sliding 22.51% compared with the Sensex's 9.14% decline. The scrip had also underperformed the market in past one quarter, falling 41.38% as against Sensex's 9.75% fall.

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

Mangalore Refinery and Petrochemicals (MRPL) reported net loss of Rs 453.95 crore in Q1 June 2013 as against net loss of Rs 1520.55 crore in Q1 June 2012. Sales rose 19.17% to Rs 15265.91 crore in Q1 June 2013 over Q1 June 2012.

MRPL, located in Mangalore city, is a grass-root refinery and is a subsidiary of state-run ONGC. ONGC holds 71.63% stake in MRPL (as per the shareholding pattern as on 30 June 2013).

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