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MRPL and Chennai Petroleum shares jump 5% as crude oil rises

The move came as Brent crude climbed nearly 3% to above $107 per barrel after Iran said it would not soften demands to reopen the Strait of Hormuz.

Reported · Written up by our desk · Asia

MRPL and Chennai Petroleum shares rose about 5% each in intraday trade on the BSE on Monday, 28 September, despite weak overall market sentiment. The Sensex fell more than 1,000 points, or 1.4%, during the session.

Mangalore Refinery and Petrochemicals (MRPL) opened at ₹164.25 versus the previous close of ₹164.85, then climbed 5.2% to an intraday high of ₹173.50. Around 11 am, MRPL was up 3.64% at ₹170.85.

Chennai Petroleum Corporation opened at ₹1,381.40 compared with the prior close of ₹1,375.90 and rose 5.1% to an intraday high of ₹1,446.25. Around 11 am, the stock was up 4.31% at ₹1,435.20.

The rally in both oil-linked stocks was largely linked to a jump in crude prices, with international benchmark Brent crude up nearly 3% to trade above $107 per barrel. The rise followed Iran reportedly saying it would not soften demands to reopen the Strait of Hormuz after Trump rejected a seven-day ceasefire, according to LiveMint Markets.

Latest closeWTI crude $92.44 ▼2.3%|Brent $97.47 ▼8.6%|Sensex 73,580.54 ▼1.7%

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