Mangalore Refinery and Petrochemicals Ltd. (MRPL) is trading higher by 3% at Rs 54.40 after the company said that the Karnataka Government has sanctioned a special incentive package for the company’s phase-III expansion and upgradation.
“The incentive includes exempting the company from payment of entry tax on plant and machinery and capital goods during the initial period of four years from the date of commencement of project implementation,” MRPL said in a filing.
The state government has also exempt MRPL from paying entry tax on the crude oil required for third phase over and above the refining capacity of first and second phase for 15 years from the start of the commercial production of third phase. It has provided exemption on CST for 15 years from the date of commencement of commercial production of third phase for all interstate sales made from the phase-3 throughput, the company said.
The stock opened at Rs 53.55 and hit a high of Rs 54.95 on the National Stock Exchange. The trading volumes on the counter more than doubled with a combined 931,341 shares have already changed hands so far, against an average sub 450,000 shares that were traded daily in past two weeks.