Mangalore Refinery shares surge over 19% on robust earnings

May 21 2014, 12:19 IST
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SummaryShares of Mangalore Refinery surged after it reported net profit of Rs 1,067 crore.

Shares of Mangalore Refinery and Petrochemicals Ltd (MRPL) today surged more than 19 per cent in early trade after it reported net profit of Rs 1,067 crore for the fourth quarter of 2013-14, as against a loss in the year-ago period.

Mangalore Refinery And Petrochemicals Ltd

shares made a strong opening and further gained 19.12 per cent to Rs 80.65 - its 52-week high on the BSE.

At the NSE, the stock soared 19.35 per cent to touch its one-year high of Rs 80.80.

MRPL had yesterday reported net profit of Rs 1,067 crore for Q4 of 2013-14 on the back of foreign exchange and inventory gains.

MRPL, a unit of state-owned Oil and Natural Gas Corp (ONGC), had posted a net loss of Rs 62 crore in the January-March period of 2012-13.

The company returned to black on the back of Rs 575 crore gain from rupee appreciating against the US dollar and an inventory gain of Rs 503 crore.

For the full fiscal 2013-14, the company earned a net profit of Rs 601 crore as opposed to a loss of Rs 179 crore.

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