Mangalore Refinery & Petrochemicals (MRPL) shares advanced as much as 5.80 per cent on Tuesday after the company reported 77.62 per cent rise in net profit for the quarter ended June 30, 2016 against Rs 405.52 crore in the corresponding quarter a year ago. However, net sales of the company dipped 25.52 per cent year-on-year to Rs 8425.86 crore for the quarter under review against Rs 11313.11 crore in the same quarter last year. At 1.20 pm, shares of MRPL were trading 4.60 per cent up at Rs 82.95. The scrip opened the day at Rs 81.25 and has touched a high and low of Rs 83.90 and Rs 81, respectively, in trade so far. Later, the scrip of the company settled the day 5.42 per cent up at Rs 83.60.
Operating profit of the company jumped by 55.43 per cent year-on-year to Rs 1450.75 crore for the quarter under ended June 30, 2016 against Rs 933.36 crore in the same quarter last year.
In a separate filing, MRPL further announced that the shareholders of the company in their 28th Annual General Meeting held on September 3 have authorised the board to raise funds of upto Rs 3,000 crore through issue of non-convertible debentures (NCDs) or bonds.
In the past one year, shares of MRPL soared 49.91 per cent to Rs 79.30 till September 2. The scrip was trading at Rs 52.90 on the same day last year. Benchmark BSE Sensex gained 12.09 per cent during the same period.