Shares of Mangalore Refinery & Petrochemicals (MRPL) hit over a three-year high of Rs 65.45 after it rallied 13 per cent on the BSE in Wednesday’s trade, on the back of heavy volumes. The stock of state-owned refineries & marketing companies surged 24 per cent in the past two trading days. Earlier, the stock was quoted at its highest level in March 2019.

In the past 12 trading days, the market price of MRPL has zoomed 58 per cent so far in April, compared to a 2.7 per cent decline in the S&P BSE Sensex. The trading volumes on the counter jumped nearly three-fold as around 49 million shares changed hands on the NSE and BSE.

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MRPL is engaged in the business of refining crude oil. The company is a subsidiary of Oil and Natural Gas Corporation Limited (ONGC), which holds 71.63 per cent equity shares.

For the October-December quarter (Q3FY22), MRPL had reported a consolidated net profit of Rs 589 crore as against a net loss of Rs 214 crore, supported by higher crude output and better gross refining margins (GRMs). MRPL took multiple initiatives to improve the revenue from marketing margins in domestic, exports and B2B (business to business) arrangements.