MRPL up 6% on Q1 net; co to raise Rs 3,000 cr via NCDs

NEW DELHI: Shares of Mangalore Refinery & Petrochemicals (MRPL) surged nearly 6 per cent in Tuesday’s trade after the company reported a 78 per cent rise in June quarter profit and said it would raise up to Rs 3,000 crore by issuing non-convertible debentures (NCDs).

The stock climbed 5.8 per cent to hit a high of Rs 83.90 on BSE.

MRPL, a listed subsidiary of ONGC, said its June quarter profit rose 77.62 per cent to Rs 720.28 crore compared with Rs 405.52 crore in the corresponding quarter last year. Sales dropped 25.52 per cent to Rs 8,425.86 crore in the first quarter from Rs 11,313.11 crore in the year-ago quarter.

Meanwhile, shareholders of the company at the annual general meeting (AGM) held over the weekend authorised the board members to raise Rs 3,000 crore via NCDs.

The company said it would exercise options available to meet the minimum public shareholding norms. Market regulator Sebi has set August 21, 2017 as the deadline for all PSUs to hike public shareholding to 25 per cent against 10 per cent mandated earlier.

At present, the government holds 88.58 per cent stake in the PSU.