MRPL gains on reports the company plans to diversify sourcing of crude

Mangalore Refinery and Petrochemicals rose 1.83% to Rs 52.90 at 13:08 IST on BSE on reports that the refiner is in talks with a Columbian oil company for buying crude oil.

Meanwhile, the S&P BSE Sensex was down 243.37 points or 0.95% at 25,476.21.

On BSE, so far 4.62 lakh shares were traded in the counter as against average daily volume of 3.10 lakh shares in the past one quarter.

The stock was volatile. The stock rose as much as 4.52% at the day's high of Rs 54.30 so far during the day. The stock fell as much as 1.63% at the day's low of Rs 51.10 so far during the day.

According to reports, Mangalore Refinery and Petrochemicals (MRPL) is in talks with Colombia's Ecopetrol to buy term crude oil and is also exploring purchases of Iraq's Basra Heavy grade to diversify supplies and improve margins. MRPL is aiming to get its first cargo of Colombia's Castilla crude by November this year, reports added.

MRPL reported net profit of Rs 405.90 crore in Q1 June 2015 as against net loss of Rs 36.10 crore in Q1 June 2014. Net sales declined 28.1% to Rs 11313.11 crore in Q1 June 2015 over Q1 June 2014.

MRPL is a subsidiary of ONGC with ONGC holding 71.63% stake in the firm (as per the shareholding pattern as on 30 June 2015).

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