MRPL doubles in an across-the-board rally
Refineries stocks have posted smart gains over last one month in major bourses of the country, accompanied by huge surge in daily trading volume.
The rally in this sector has been across the board with stocks of standalone refineries such as MRPL, Kochi Refineries, Bongaigaon Refineries & Petrochemicals and Chennai Petroleum Corporation moving northward.
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Scrips of integrated oil majors such as Indian Oil Corporation (IOC) were also in the fray.
Most of these stocks were now hovering at their 52 week high level. The biggest gainer among these companies has been the MRPL share, which spurted from Rs 9.55 on April 30 to Rs 19.15 today, posting gains of 100 per cent.
Companies such as Bongaigaon gained by 88 per cent, CPCL by 75 per cent, Kochi Refineries 69 per cent, during the same period.
The volume has also jumped. For instance, volume of MRPL has gone up by manifold.
While only 99,988 shares of MRPL were traded on NSE on April 30, it rose to 34,30071 today.
Similarly the volume of BRPL skyrocketed from 506,249 on April 30 to 50,15,273 today.
Analysts tracking the sector pointed out that the previous year was particularly good for these companies as refining margins was higher and would lead to strong performance.
This would be reflected when results were out except in MRPL where stock spurted after being taken over by ONGC.