MRPL Share price: This petrochemical stock surges over 50% in just 5 days, clocks over 170% return in 3 months-Here is why
Shares of Mangalore Refinery & Petrochemicals Limited (MRPL) have been on a roll for the past two weeks.
Shares of Mangalore Refinery & Petrochemicals Limited (MRPL) have been on a roll for the past two weeks. This petrochemical counter has surged 51% in the last five days as on June 9, 2022. Against Rs 83.55 on June 3, the scrip touched the day's high of Rs 126.60 per share on the NSE on Thursday, a jump of 51.5%.
The sudden spike in share price of MRPL finds relevance in the record surge in Singapore Gross Refining Margin (GRM). Singapore GRM touched life-time high figure of $25.2 per barrel as on June 6.
Though this rise in GRM is set to benefit the entire oil & gas sector companies, but MRPL and Chennai Petroleum are largely the biggest beneficiaries, said Varun.
As per the analyst, it is because the reason that even one dollar jump in Singapore GRM can help these companies garner 700-800 crore quarterly profit.
Meanwhile, share of MRPL traded on 52-week high value of Rs 127. 60 per share on the BSE on Wednesday, June 8. As on June 9, the shares have rallied over 60% in the last one month and jumped over 170% in three months, showed technical data of the stock.
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