MRPL, Chennai Petroleum Shares Surge 5% in Weak Market as Crude Oil Prices Rise

Shares of Mangalore Refinery and Petrochemicals (MRPL) and Chennai Petroleum Corporation climbed more than 5% on Monday, September 28, standing out on a day when the wider equity market was firmly in the red. 

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

MRPL began the session at ₹164.25 on the BSE, compared with its previous close of ₹164.85. The stock gathered momentum through the morning and touched ₹173.50, a gain of 5.2%. At around 11 am, it was trading at ₹170.85, up 3.64%. 

Chennai Petroleum followed a similar path. Its shares opened at ₹1,381.40, against the previous close of ₹1,375.90, and rose as much as 5.1% to ₹1,446.25. At around 11 am, the stock was up 4.31% at ₹1,435.20. 

The gains came in sharp contrast to the rest of the market. The Sensex lost more than 1,000 points, or 1.4%, during the session and fell to an intraday low of 72,856. 

Crude oil rally puts refinery stocks in focus 

The movement in the two refinery stocks coincided with another jump in international oil prices. Brent crude rose nearly 3% and moved above $107 a barrel. 

Oil markets remained focused on the conflict involving Iran and developments around the Strait of Hormuz. Iran reportedly maintained its demands concerning the reopening of the key shipping route after US President Donald Trump rejected a seven-day ceasefire proposal. 

Trump also indicated on Sunday, local time, that further US military strikes before the midterm elections remained possible. 

The prolonged tensions have kept crude prices elevated and tightened fuel supplies, bringing refining margins back into focus. 

For refiners, one closely watched measure is the crack spread the difference between the cost of crude oil and the value of the petroleum products produced from it. The report noted that these spreads have risen sharply alongside higher crude prices and tighter supplies. 

Whether that translates into a lasting improvement in profitability, however, would depend partly on crude prices staying elevated for a sustained period. 

MRPL gains 33% in a year 

MRPL has risen 33% over the past year. The stock reached a 52-week high of ₹214.95 on March 9, 2026, while its 52-week low of ₹125.95 was recorded on September 26 last year. 

Chennai Petroleum has gained 87% over the same one-year period. It touched a 52-week high of ₹1,677 on September 11, 2026, after having fallen as low as ₹714.90 on October 17 last year. 

Monday’s session added another strong move for both stocks, this time against the direction of the broader market, as rising crude prices and the accompanying movement in refining spreads drew attention to the sector.