The company said that for a refining Company like MRPL, application for patents is a routine function and is in the ordinary course of business to protect its interests.
Further certain R&D is undertaken with no immediate commercial interests envisaged. A mere grant of patents is not going to have an immediate material impact on the company and without commercialization it only provides a privilege to MRPL.
In the extent case, the patent has been developed as part of a wide R&D effort without any immediate commercial motive and is outside the immediate and extended commercial lines of business of the company and hence assessed that this would have no impact on the share price of the company.
At around 12.22 pm, Mangalore Refinery And Petrochemicals Ltd was trading at Rs44 per piece up by Rs0.7 or 1.62% from its previous closing of Rs43.30 per piece on the BSE.