In a choppy market on Tuesday, Shares of Mangalore Refinery & Petrochemicals (MRPL) and Chennai Petroleum Corporation (CPCL) rallied up to 19 percent and hit their respective 52-week highs of Rs 108.6 apiece and Rs 383 apiece. In the past three months, CPCL has zoomed 234 percent and MRPL has surged 145 percent, as against a 4 percent rise in the benchmark index, on strong earnings. A combined 24 million shares changed hands at the MRPL counter, and 8.02 million shares on CPCL on the NSE and BSE. The stock exchanges had also revised circuit limit on these stocks from 5 percent todayMRPL is a subsidiary of the state-owned giant ONGC (NS: ONGC) and CPCL is a subsidiary of Indian Oil (NS: IOC) Corporation. Shares of the two refineries soared on expectations of a strong business outlook, after the Asian benchmark, Singapore Gross Refining Margins (a key gauge) rallied to its lifetime high of $25.2/barrel, as the demand for refined products rose globally, giving a push to Indian refiners.
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