India's MRPL up after ONGC plans new strategic oil reserve in Mangalore
BUZZ-India's MRPL up after ONGC plans new strategic oil reserve in Mangalore ** Shares of India's Mangalore Refinery and Petrochemicals MRPL.NS rise 8.92% to 163.07 rupees, set for their highest intraday pct gain since February 2
** Stock extends gains after parent Oil and Natural Gas Corp ONGC.NS announced plans to build a 1.75 mln metric ton strategic petroleum reserve in Mangalore
** MRPL operates a 300,000 barrels-per-day refinery in Mangalore and leases half of the existing 1.5 mln metric ton strategic petroleum reserve there
** India plans to expand its strategic crude storage after supply disruptions during the Iran war highlighted energy security risks
** YTD, MRPL up 7.06% while ONGC gains 1.95%
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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