Shares of Mangalore Refinery and Petrochemicals Limited (MRPL) surged 3% following the company’s signing of a Memorandum of Understanding (MoU) with Indian Strategic Petroleum Reserves Ltd. (ISPRL).
The agreement, signed on Tuesday, allows MRPL to utilize ISPRL’s underground caverns for crude oil storage, bolstering its storage capacity and ensuring supply security. This strategic collaboration will help mitigate risks from global market fluctuations while reducing capital expenditure and enhancing operational flexibility. The MoU was signed at MRPL’s office in Mangaluru by key executives from both companies.
Mangalore Refinery and Petrochemicals Ltd. (MRPL) shares opened at ₹145.00, reaching a high of ₹154.50 and a low of ₹144.61. Over the past year, the stock has seen significant fluctuations, with a 52-week high of ₹289.25 and a low of ₹131.55.
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