Market movers: These three stocks gain as market snaps the losing streak

VRL Logistics, Chennai Petroleum Corporation Limited and Mangalore Refinery Petrochemicals top Group A

Domestic equity bourses Sensex and Nifty halted the five-day losing streak on Wednesday and settled higher. The market rally was led by gains in automobile and energy shares. On the other hand, information technology (IT) stocks rebounded after sliding for eight straight sessions.

At the closing bell on April 20, the Sensex climbed 574 points or 1.02 per cent to close at 57,038, while the Nifty index surged by 178 points or 1.05 per cent to settle at 17,137.

VRL Logistics, Chennai Petroleum Corporation Limited and Mangalore Refinery Petrochemicals witnessed positive action in today’s session.  

VRL Logistics gained 10.93 per cent today and settled at Rs 572.60 as the company signed a Memorandum of Understanding (MoU) with Ratna Cements for the transfer of the Wind Power (Sale of Power) on a slump sale basis. As part of the MoU, VRL will transfer the Wind Power (Sale of Power) undertaking along with all underlying assets and liabilities as a going concern on a slump sale basis for a consideration of Rs 48 crore.

Chennai Petroleum Corporation Ltd today informed BSE that the meeting of the Board of Directors of the company is scheduled to be held on April 27, 2022, inter alia, to consider and approve the Audited Financial Statements (standalone and consolidated) of the company for the quarter and fiscal year ended March 31, 2022. Owing to this development shares of the company gained almost 20 per cent on the bourses today at Rs 236.

The shares of Mangalore Refinery and Petrochemicals (MRPL) hit a three-year high, as it gained 19.95 per cent today on the back of heavy volumes. The stock of state-owned refineries and marketing company has jumped 24 per cent in the past two trading sessions.