Multibagger Update: Mangalore Refinery and Petrochemicals locks at 20 per cent upper circuit

The shares of the company zoomed 20 per cent and also recorded a fresh 52-week high of Rs 108.60 on NSE.

Mangalore Refinery & Petrochemicals Ltd (MRPL) seems to be firing on all cylinders. The shares of the company zoomed 20 per cent on Tuesday and locked in the upper circuit for the third consecutive day. It recorded a fresh 52-week high of Rs 108.60 on NSE.  

Its shares have more than doubled in less than six months, delivering over 140 per cent returns. The stock soared 47 per cent over the period of one month and furnished returns of 30 per cent in just the last five trading sessions.  

The trading volumes jumped nearly three-fold as compared to average trading volumes in the past ten trading days. The stock exchanges had also revised the circuit limit from 5 per cent to 20 per cent w.e.f. today.  

Mangalore Refinery & Petrochemicals Limited was set up as a joint venture between AV Birla Group and Hindustan Petroleum Corporation Limited (HPCL). It is now a subsidiary of Oil & Natural Gas Corporation (ONGC). The company is mainly engaged in the business of refining crude oil, petrochemical business, trading of aviation fuels, and distribution of petroleum products through retail outlets & transport terminals.   

Investors should watch out for this counter in tomorrow’s session.