MRPL gains on commissioning PFCC unit

Mangalore Refinery and Petrochemicals rose 1.05% to Rs 61.40 at 13:48 IST on BSE after the company said that Petro Fluidized Catalytie Cracking unit has been successfully commissioned today, 27 August 2014.

The announcement was made during market hours today, 26 August 2014.

Meanwhile, the BSE Sensex was up 120.30 points, or 0.45%, to 26,563.11

On BSE, so far 96,369 shares were traded in the counter, compared with an average volume of 2.16 lakh shares in the past one quarter.

The stock hit a high of Rs 62.40 and a low of Rs 61 so far during the day. The stock hit a 52-week high of Rs 80.65 on 21 May 2014. The stock hit a 52-week low of Rs 28 on 28 August 2013.

The stock had underperformed the market over the past one month till 26 August 2014, falling 8.02% compared with 1.21% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 13.09% as against Sensex's 6.98% rise.

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

Mangalore Refinery and Petrochemicals (MRPL) said that Petro Fluidized Catalytie Cracking unit has been successfully commissioned today, 27 August 2014 in Phase-III project of the company and products are being routed to respective destinations. This will increase LPG, light distillates and production of Propylene which is a feed for Polypropylene unit, MRPL said.

MRPL reported net loss of Rs 36.10 crore in Q1 June 2014, lower than net loss of Rs 453.95 crore in Q1 June 2013. Net sales rose 3.1% to Rs 15741.39 crore in Q1 June 2014 over Q1 June 2013.

MRPL, a subsidiary of ONGC, is a grassroot refinery. MRPL has a design capacity to process 15 million metric tons per annum and has 2 hydrocrackers producing premium diesel (high cetane). It also has 2 CCRs producing unleaded petrol of high octane.

As on 30 June 2014, ONGC owns 71.63% stake in MRPL. Another PSU firm, Hindustan Petroleum Corporation, has 16.96% stake in MRPL.

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