Shares of Mangalore Refinery & Petrochemicals Ltd. extended gains for a second consecutive session on Monday, 13 July, as investors continued to cheer parent company ONGC's plan to develop a 1.75 million metric tonne (MMT) strategic petroleum reserve in Mangalore.
The stock was trading at Rs 169.2 apiece, up over 4% in intraday trade from its previous close of Rs 162.49, building on Friday's sharp rally of 6% after the announcement.
The announcement has strengthened investor confidence as the facility is expected to play a crucial role in bolstering India's emergency crude oil storage capacity.
Also Read: MRPL Shares Jump 6% After ONGC Announces 1.75 MT Strategic Oil Reserve In Mangaluru.
The company is expected to benefit from the increased strategic significance of the Mangalore facility. Investors are optimistic that the project could enhance the refinery's long-term operational importance.
Stock Price Performance
The stock has gained over 11.8% in the past week, when the broader market index Nifty 500 declined by 1%.
Over a year, the stock gained over 18.2%, when the broader market performance was almost muted.
The stock has traded in the range of Rs 120.4 and Rs 212.3 apiece during the past 52 weeks, and the current price-to-earnings multiple of the stock is 14.86 times.
As of Friday, 10 July, the total market cap of the company stood at Rs 29,392.83 crore.
Also Read: Petrol, Diesel Prices On July 13: Fuel Prices Rise Marginally In These Cities. Is Yours On The List?
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