MRPL, Chennai Petroleum soar up to 19% on strong business outlook

Shares of Mangalore Refinery & Petrochemicals (MRPL) and Chennai Petroleum Corporation (CPCL) rallied up to 19 per cent and hit their respective 52-week highs amid heavy volumes on the BSE in Tuesday’s trade in an otherwise weak market.

The rise in the Singapore gross refining margin (GRM) to a record high of $25.2 a barrel bodes well for Indian refiners as they process raw crude into refined products.

Among the individual stocks, MRPL surged 19 per cent to Rs 107.35, while CPCL soared 17 per cent to Rs 374.80. In comparison, the S&P BSE Sensex was down 0.93