Mangalore Refinery and Petrochemicals rose 3.13% to Rs 55.95 at 9:39 IST on BSE after the company hiked its stake in ONGC Mangalore Petrochemicals to 46% from 3% earlier.
The announcement was made after market hours yesterday, 9 February 2015
Meanwhile, the BSE Sensex was up 122.52 points, or 0.43%, to 28,349.91.
On BSE, so far 40,000 shares were traded in the counter, compared with an average volume of 1.57 lakh shares in the past one quarter.
The stock hit a high of Rs 56.85 and a low of Rs 55 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 38.05 on 28 February 2014.
The stock had outperformed the market over the past one month till 9 February 2015, rising 7.75% compared with 2.80% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 11.43% as against Sensex's 1.29% rise.
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) said that its board of directors at a meeting on 9 February 2015, approved acquiring a major stake in ONGC Mangalore Petrochemicals (OMPL). MRPL was holding 3% of the paid up equity of OMPL, which has been increased to 46% by purchasing fully paid up equity shares from individual shareholders, MRPL said in a statement.
MRPL is a subsidiary of the state-run ONGC, which held 71.63% stake in MRPL as at 31 December 2014.
Meanwhile, ONGC said in a separate announcement that it already holds 46% of paid up share capital of OMPL. Consequently, subsequent to the acquisition of 43% stake in OMPL by MRPL as above, OMPL has now become a subsidiary of ONGC.
MRPL reported a net loss of Rs 951.47 in Q2 September 2014 compared with net profit of Rs 235.77 crore in Q2 September 2013. The company's total income fell 14.2% to Rs 16134.84 crore in Q2 September 2014 over Q2 September 2013.
MRPL, a schedule 'A' CPSE and a subsidiary of ONGC, is a grassroot refinery located in Mangalore city, in Dakshin Kannada region. The refinery has flexibility to process crudes of various api and with high degree of automation.
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