MRPL slips after minor landslide affects operations

Shares of Mangalore Refinery & Petrochemicals fell 3.25% to Rs 49.10 at 11:30 IST on the BSE after the company resorted to a safety shutdown of its phase-3 units following a minor landslide in the area.

Mangalore Refinery & Petrochemicals (MRPL) said that its refinery has been affected by a minor landslide as an aftermath of the intensified monsoon in Dakshina Kannada district, hence as a precautionary measure, it has structured shutdown of the phase-III process units of the refinery to access the condition of the facilities in the vicinity and for immediate stabilization.

It further added that the phase-I and phase-II of the complex as well as the product despatch facilities remain unaffected and are operating normally. The announcement was made after market hours yesterday, 19 August 2019.

Meanwhile, the S&P BSE Sensex was down 126.10 points or 0.34% to 37,276.39.

On the BSE, 54,000 shares were traded in the counter so far compared with average daily volumes of 68,000 shares in the past two weeks. The stock hit a high of Rs 50.6 and a low of Rs 49.2 so far during the day.

The stock hit a 52-week high of Rs 91.35 on 15 Oct 2018. The stock hit a 52-week low of Rs 50.6 on 20 Aug 2019.

On a consolidated basis, the public sector enterprise reported a net loss of Rs 450.53 crore in Q1 June 2019 over a net profit of Rs 248.71 crore in Q1 June 2018. The company's net sales fell 33% to Rs 9255.99 crore in Q1 June 2019 over Q1 June 2018.

MRPL is a schedule 'A' Miniratna, Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas.

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