Trending PSU stock : MRPL soars 3.5 per cent on ONGC- HPCL merger details
DSIJ Intelligence / 12 Jul 2017
The GoI is scheduled to take its decision on diluting its 51.11% stake in HPCL by the end of July. The entire stake of the government will be sold to ONGC and HPCL will become a subsidiary of ONGC.
Mangalore refinery & petroleum (MRPL) soared in today’s trade owing to the development in the ONGC-HPCL merger. The GoI is scheduled to take its decision on diluting its 51.11% stake in HPCL by the end of July. The entire stake of the government will be sold to ONGC and HPCL will become a subsidiary of ONGC.
The government has mentioned that this move should be considered more as a consolidation rather than divestment activity.
The consolidating of operations of HPCL and ONGC will pave the way for more such mergers and it is expected that such a creation of a hydrocarbons behemoth will be capable of taking on global oil giants like Shell, Exxon, Chevron, Aramco, Total and ENI.
MRPL gained in today trade with increasing volume. Infact there is a price volume breakout in the counter. The stock is upbeat on market speculation that the company may be acquired by another PSU company.
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