Market Movers: These energy and power stocks rule todays gainers' list

Chennai Petroleum, NLC India and MRPL top Group A.

The month of May gets a weak start as sentiments continue to be negative despite the strong economic activity supported by a record high GST collection of Rs 1.68 lakh crore in the previous month (April 2022). 

At the closing bell on May 2, the Sensex gave up 85 points or 0.2 per cent to close at 56,975.99, while the Nifty index lost 34 points or 0.2 per cent to settle at 17,069.10 from their previous close. 

  Chennai Petroleum, NLC India and MRPL witnessed positive action in today’s session.  

Chennai Petroleum Corporation zoomed 10 per cent in today’s session to emerge as the biggest gainer in Group A. The shares hit intraday high and low at Rs 369.50 and Rs 329.70, respectively and closed at Rs 362.80. At the day’s high the shares of Chennai Petroleum logged a fresh 52-week high. The shares of the company hit the upper circuit for the second day in a row after it reported stellar results for Q4 on April 28. PAT for the quarter sharply rose by 314 per cent from Rs 242 crore to Rs 1002 crore on YoY basis. 

NLC India gained 8.74 per cent in today’s session and closed at Rs 88.95. The stock logged its intraday high and low in today’s session at Rs 89.75 and Rs 80.10, respectively. At the day’s high the shares of NLC India logged a fresh 52-week high. A NAVRATNA company under the Ministry of Coal, it is engaged in the business of mining lignite and generation of power by using lignite as well as Renewable Energy Sources. 

Mangalore Refinery and Petrochemicals Ltd. (MRPL) showed a strong rally of 8.24 per cent in today’s session and closed at Rs 79.85. The share hit intraday high and low at Rs 81 and Rs 70.15, respectively. The company is in the process of amalgamation of ONGC Mangalore Petrochemicals Limited with itself. The integration of the petrochemical project of the ONG Mangalore Petrochemicals with the oil refinery of the MRPL will create greater synergies between the business operations of both companies and will maximise returns to the entire group.