Mid-day Movers: These oil refinery stocks continue to rally touching new highs
Hindustan Oil Exploration, Mangalore Refinery, and Chennai Petroleum continue to witness positive action in today’s session
As the RBI rate hike of 50 basis points was on the expected lines, broader markets are mostly trading in green.
The benchmark indices- Sensex is up by 0.1 per cent or 56.34 points at 55,163.68 and Nifty is trading at 16,439.30 with a gain of 23 points or 0.1 per cent.
Hindustan Oil Exploration, Mangalore Refinery, and Chennai Petroleum continue to witness positive action in today’s session on the back of a sharp rise in the Singapore gross refining margin (GRM) to a record high of USD 25.2 a barrel.
Mangalore Refinery& Petrochemicals Ltd ( MRPL) is quoting at Rs 118.45 up by 9.32 per cent. It has touched a 52-week high of Rs 126.50 at the day’s high. MRPL is a subsidiary of Oil and Natural Gas Corporation Limited (ONGC), which holds 71.63 per cent equity shares. It is engaged in the business of refining crude oil. The stock has zoomed on the bourses benefiting from the recent global crude oil scenario. It was one of the biggest gainers among BSE “A” group in yesterday’s session, gaining 19.72 per cent. Cumulatively, the stock has swelled 46 per cent since the beginning of this week's trading session while it logged a fresh 52-week high in each session.
Chennai Petroleum Corporation Ltd (CPCL), another top gainer in yesterday’s session is rallying on the bourses in today’s session gaining 2.71 per cent and is quoting at Rs 378.50 The stock has logged a fresh 52-week at Rs 416.90 in today’s session, overwriting yesterday’s 52-week high of Rs 385.35. The surge in the stock price has resulted in 35 per cent cumulative gain over last Friday’s close of Rs 305.90.
Hindustan Oil Exploration Co Ltd (HOECL) has surged 9.82 per cent and is currently quoting at Rs 214.75. HOEC is engaged in the exploration, development and production of crude oil and natural gas in India, both onshore and offshore. It has touched intraday high and low of Rs 224.50 and Rs 210.25, respectively.