Mangalore Refinery and Petrochemicals rose 2.7% to Rs 76.20 at 12:32 IST on BSE after the company said it has successfully commenced commercial production of polypropylene from its polypropylene plant.
The announcement was made during market hours today, 18 June 2015.
Meanwhile, the S&P BSE Sensex was up 253.73 points or 0.95% at 27,086.39.
On BSE, so far 3.98 lakh shares were traded in the counter as against average daily volume of 1.48 lakh shares in the past one quarter.
The stock hit a high of Rs 77.80 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 74.50 so far during the day. The stock had hit a 52-week low of Rs 45.10 on 17 December 2014.
The stock had outperformed the market over the past one month till 17 June 2015, rising 3.56% compared with Sensex's 1.8% fall. The scrip had also outperformed the market in past one quarter, surging 15.49% as against Sensex's 6.62% fall.
The large-cap refinery has equity capital of Rs 1752.60 crore. Face value per share is Rs 10.
Mangalore Refinery and Petrochemicals (MRPL) said that it has successfully commenced commercial production of polypropylene from its polypropylene (PP) plant as part of its Phase III refinery expansion and upgradation project today, 18 June 2015. The plant has capacity to produce 4.40 lakh TPA polypropylene, MRPL said.
MRPL said that the feed stock for the polypropylene plant, polymer grade propylene, is being produced from upstream petrochemical fluidised catalytic cracking unit (PFCCU). The technology provider for the polypropylene plant is Novolen of Germany and plant has been engineered and constructed by Engineers India, a premium central public sector undertaking, MRPL said.
MRPL's net profit rose 9.6% to Rs 1169.70 crore on 42% decline in net sales to Rs 11092.79 crore in Q4 March 2015 over Q4 March 2014.
MRPL is a subsidiary of ONGC with ONGC holding 71.63% stake in the firm (as per the shareholding pattern as on 31 March 2015).
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