MRPL stock soars over 17.5%, sets new record high after 16 years; here's why

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Mangalore Refinery and Petrochemicals, a government-owned refinery company, continued their winning streak for the third consecutive trading session on Thursday, gaining 17.8% to hit a new record high of ₹158 apiece, surpassing their previous record of ₹149 apiece achieved in January 2008. By 01:15 pm, a total of 33.8 million shares were traded on the NSE and BSE combined, significantly exceeding the one-week average trading volume of 2.1 million shares. Also Read: Nifty 50 usually gains 6 months pre and post general elections despite volatility: Motilal Oswal In the calendar year 2023, the stock generated a multibagger return of 137.52%, marking its third consecutive year of positive performance.

In both CY21 and CY22, it achieved gains of 21% and 31%, respectively. Notably, the stock concluded the last 10 months with positive returns, with April 2023 witnessing the highest monthly gain of 22.12%. In the current month so far, it is up by 17%.

Mangalore Refinery and Petrochemicals Limited (MRPL) is a Category 1 Schedule ‘A’ Miniratna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas. It is the first Indian refinery to be certified with AS9100D:2016 for the production, certification, and distribution of Aviation Turbine Fuel (ATF), according to the company's recent exchange filing. Also Read: RVNL share price touches lifetime high after 175% rally in one year For the September quarter (Q2FY24), the company reported a consolidated net profit of ₹1,059 crore, a strong turnaround from a net loss of ₹1,789 crore in the same period a year ago.