Mangalore Refinery, Chennai Petroleum hit 52-week high on BSE -Governance Now

Mangalore Refinery, Chennai Petroleum hit 52-week high on BSE

CPCL, an Indian Oil subsidiary, registered net profit of Rs 98 crore in Q2FY17

| January 5, 2017

#PSU #MRPL #CPCL #ONGC

Shares of refineries and petro products firms – Mangalore Refinery and Petrochemicals (MRPL) and Chennai Petroleum Corporation (CPCL), miniratna one category undertakings – have registered their respective 52-week highs on the Bombay Stock Exchange (BSE) in otherwise subdued market, reported The Business Standard.

MRPL rallied 10 percent to Rs 112, while CPCL surged nine percent to Rs 331 during intra-day trade on BSE on back of heavy volumes, the newspaper reported.

According to report, post July-September quarter two (FY17) results, CPCL has witness increase of 42 percent, while MRPL soared 27 percent as compared to less than two percent gain recorded by the benchmark index.

An Indian Oil subsidiary, CPCL, had registered net profit of Rs 98 crore in Q2FY17 against a net loss of Rs 450 crore in Q2FY16. MRPL, a subsidiary of Oil and Natural Gas Corporation (ONGC), posted profit of Rs 416 crore in Q2FY17 against loss of Rs 914 crore in the same quarter last year.

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