Mangalore Refinery & Petrochemicals rose 1.39% to Rs 54.75 at IST on BSE after the firm in a clarification said it has Signed of an MoU with Indian Oil and STC, Mauritius for preparing a draft feasibility report on setting up a Terminal at Mauritius.
The clarification was issued after market hours on Tuesday, 2 December 2014.
Meanwhile, the S&P BSE Sensex was down 5.96 points or 0.02% at 28,438.05.
On BSE, so far 60,000 shares were traded in the counter as against average daily volume of 2 lakh shares in the past one quarter.
The stock hit a high of Rs 55.45 and a low of Rs 53.90 so far during the day. The stock had hit a 52-week high of Rs 80.65 on 21 May 2014. The stock had hit a 52-week low of Rs 38.05 on 28 February 2014.
The stock had underperformed the market over the past one month till 2 December 2014, sliding 8.4% compared with the Sensex's 2.07% rise. The scrip had also underperformed the market in past one quarter, declining 12.62% as against Sensex's 5.27% rise.
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The large-cap company has equity capital of Rs 1752.60 crore. Face value per share is Rs 10.
Mangalore Refinery and Petrochemicals (MRPL) in a clarification with regard to media news item titled "MRPL signs MoU with STC-M for petroleum terminal at Mauritius", said that MRPL has signed an MoU with Indian Oil and STC, Mauritius for preparing a draft feasibility report (DFR) on setting up a Terminal at Mauritius on 27 December 2014, as a part of ongoing business development activity, which does not have any bearing on the financial of MRPL in near future, since it is at very preliminary stage. MRPL will commit to the JV project after DFR with prior intimation to exchange under Clause 36 of the Listing agreement, the company said. MRPL continues to export petroleum products to STC, Mauritius, it added.
MRPL reported a net loss of Rs 951.47 crore in Q2 September 2014 compared with net profit of Rs 235.77 crore in Q2 September 2013. Net sales declined 15.2% to Rs 15911.34 crore in Q2 September 2014 over Q2 September 2013.
MRPL, a schedule 'A' CPSE and a subsidiary of ONGC is a State of Art Grassroot Refinery located in a hilly terrain, north of Mangalore city, in Dakshin Kannada region.
As on 30 September 2014, ONGC owns 71.63% stake in MRPL. Another PSU firm, Hindustan Petroleum Corporation, has 16.96% stake in MRPL.
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