These two small-cap oil companies hit a 52-week high today; here's why

Mangalore Refinery & Petrochemicals Ltd and Chennai Petroleum Corporation Ltd belonging to the refineries and marketing industry are beating the bearish sentiments of the market!

The Indian stock market has extended its losses as the worries of inflation have increased globally. There is a rise in crude oil prices and the global markets are also witnessing a selloff. Another reason for the bearish sentiments is that investors are anxious about the outcome of the RBI policy meeting. At 1 pm, the S&P BSE was at 55,053.17, a decline of 1.12 per cent. Let us know more about today’s mid-day movers: 

The Singapore gross refining margin (GRM) reached a record high of USD 25.2 a barrel. This news was very optimistic for the Indian refiners as they are into the procedure of turning raw crude oil into refined products. 

Mangalore Refinery & Petrochemicals Ltd is mainly engaged in the business of refining crude oil, petrochemical business, trading of aviation fuels, and distribution of petroleum products through retail outlets and transport terminals. At 1 pm, the stock price rallied 20 per cent and the scrip is currently trading at Rs 108.60. 

Chennai Petroleum Corporation Ltd is in the business of refining crude oil to produce and supply various petroleum products and manufacture and sale of lubricating oil additives. At 1 pm, the stock price rallied 18.75 per cent and the scrip is currently trading at Rs 381.35.