Chennai Petroleum, MRPL Share Price Surge 5% As Brent Crude Crosses $107
Add Preferred News Source
MRPL and Chennai Petroleum shares surged 5% as Brent crude climbed above $107 on renewed Middle East tensions, while the Sensex fell over 1,000 points.
Shares of Mangalore Refinery and Petrochemicals (MRPL) and Chennai Petroleum Corporation jumped around 5% in intraday trade on Monday, 28 September 2026, even as Indian equities faced heavy selling pressure.
The gains came as Brent crude climbed nearly 3% to above $107 a barrel amid renewed uncertainty around the Strait of Hormuz.
MRPL share price rose 5.2% to an intraday high of ₹173.50, while Chennai Petroleum climbed 5.1% to ₹1,446.25. At 12:13 pm IST, MRPL was trading at ₹171, up 3.89%, while Chennai Petroleum Corporation Ltd. shares stood at ₹1,422.10, up 3.32%.
The broader market was under pressure during the session. The Sensex fell more than 1,000 points, or 1.4%, to an intraday low of 72,856. Against this backdrop, the gains in the two refinery stocks stood out as crude prices and refining margins remained in focus.
Why Are MRPL And Chennai Petroleum Shares Rising?
The immediate trigger is the sharp rise in international crude prices. Brent crude moved above $107 a barrel after Iran reportedly said it would not soften its demands for reopening the Strait of Hormuz, while US President Donald Trump rejected a seven-day ceasefire proposal linked to the waterway.
The unresolved conflict has added to concerns over fuel supplies. Higher crude prices and tighter product availability have also pushed up crack spreads, or the difference between crude costs and prices of refined petroleum products.
For refiners, movements in crack spreads matter because they feed into gross refining margins (GRMs). Analysts said the recent gains in MRPL and Chennai Petroleum could therefore reflect expectations of stronger GRMs as oil prices remain elevated.
However, the move may not yet represent a sustained improvement in earnings. Analysts said crude would need to stay at higher levels for an extended period for the price increase to have a lasting impact on refining profitability.
How Have MRPL And Chennai Petroleum Stocks Performed?
MRPL has gained 33% over the past year. The stock touched a 52-week high of ₹214.95 on 9 March and a 52-week low of ₹125.95 on 26 September last year.
Chennai Petroleum has delivered a sharper 87% gain over the same period. Its 52-week high stands at ₹1,677, recorded on 11 September, while the 52-week low was ₹714.90 on 17 October last year.
Also Read - Arisinfra Solutions Approves ₹60 Crore Acquisition And ₹20 Crore NCD Guarantee
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
Right Tools, Rich Insights
