Mangalore Refinery and Petrochemicals Limited (MRPL) stock is experiencing a rapid increase. On Friday, the stock rose to ₹200.58, an 8.5% increase from the previous trading day's ₹184.78. Currently, MRPL is trading at ₹196.75, marking an 8.8% rise over the past five trading days.
The surge in stock price is attributed to a senior government official revealing on Thursday that the Russian tanker Aqua Titan (formerly known as Lang Ya), which has been chartered by MRPL, is currently en route to New Mangalore Port. The tanker is expected to arrive on March 21 (Saturday).
This tanker, loaded with Russian Urals crude oil, was initially headed for China but changed course in Southeast Asian waters towards India. Indian government officials previously stated they were unaware of the vessel's change in route, but Rakesh Kumar Sinha, Special Secretary of the Ministry of Ports, Shipping and Waterways, later confirmed that the tanker is indeed transporting crude oil to India.
The vessel was previously sanctioned by Australia in June for transporting Russian crude oil, with the Australian government stating that these vessels employed deceptive practices, including changing flags and disabling tracking systems. Aqua Titan is also under sanctions from the UK, Australia, Canada, the EU, and Ukraine.
Previously, the U.S. imposed a 25% tariff on India's purchase of Russian crude oil, but this punitive tariff was lifted after the U.S. and India signed a temporary trade agreement. President Trump stated, “India has committed to stop importing oil from the Russian Federation, either directly or indirectly.” After the U.S. indicated that India could import Russian crude oil within 30 days, Aqua Titan changed its course towards India.