MRPL gains on plan to invest $1.4 billion for expansion of crude processing facility

Mangalore Refinery & Petrochemicals (MRPL) is currently trading at Rs. 61.15, up by 0.30 points or 0.49% from its previous closing of Rs. 60.85 on the BSE. The scrip opened at Rs. 60.80 and has touched a high and low of Rs. 61.70 and Rs. 60.55 respectively. So far 48483 shares were traded on the counter. The BSE group 'A ' stock of face value Rs. 10 has touched a 52 week high of Rs. 65.70 on 23-Apr-2014 and a 52 week low of Rs. 26.45 on 16-Aug-2013. Last one week high and low of the scrip stood at Rs. 65.70 and Rs. 55.10 respectively. The current market cap of the company is Rs. 10655.80 crore. The promoters holding in the company stood at 88.58%, while Institutions and Non-Institutions held 3.56% and 7.86% respectively. In a bid to meet growing fuel demand in Asia’s third-largest economy, Mangalore Refinery & Petrochemicals (MRPL) is planning to invest $1.4 billion for expansion of crude processing at its facility in western India Mangalore Refinery, a unit of India’s biggest state-run explorer Oil & Natural Gas Corp, will raise capacity by 40 percent to 420,000 barrels a day by end-March 2018. The company is planning the expansion after spending $300 million on a 60,000 barrel-a-day delayed coker that started earlier this month and $330 million for a 44,000 barrel-a-day fluidised catalytic cracker that will begin next month. MRPL is a joint venture oil refinery promoted by Hindustan Petroleum Corporation (HPCL), a public sector company and IRIL & Associates (AV Birla Group). It has a design capacity to process 9.69 million metric tonnes per annum and is the only refinery in India to have two hydrocrackers producing Premium Diesel (High Cetane).