MRPL gains on completion of a crude discharge operation

Mangalore Refinery and Petrochemicals rose 2.27% to Rs 31.50 at 13:05 IST on BSE after the firm said that Ratna puja carrying 87,610.817 MT of Arab Extra Light crude completed discharge of its cargo through the company's single point mooring system.

The announcement was made during trading hours today, 2 September 2013.

Meanwhile, the S&P BSE Sensex was up 283.14 points or 1.52% at 18,902.86.

On BSE, 48,000 shares were traded in the counter as against average daily volume of 92,269 shares in the past one quarter.

The stock hit a high of Rs 31.85 and a low of Rs 30.80 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 30 August 2013, sliding 7.51% compared with the Sensex's 3.77% fall. The scrip had also underperformed the market in past one quarter, sliding 30.55% as against Sensex's 7.89% fall.

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 the uploading operation of Ratna puja commenced on 29 August 2013 and completed on 30 August 2013.

It may be recalled that MRPL set up single point mooring (SPM) project along with coastal booster pumping station in their Mangalore port limits for handling upto very large crude carrier (VLCC) at an estimated cost of Rs 1044 crore.

MRPL reported a net loss of Rs 453.95 crore in Q1 June 2013, lower than net loss of Rs 1520.55 crore in Q1 June 2012. Net sales rose 19.2% 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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