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MRPL

MRPL hits highest level since Oct 2018; stock more-than-doubles in 2 months

Higher GRMs are likely to benefit from favourable global refining scenario and the MRPL is expected to report healthy earnings in near term

surging 9 per cent on the BSE, to hit a over four-year high of Rs 118.55

The stock exchanges had revised circuit limit on of MRPL from 5 per cent to 20 per cent with effect from Monday.

MRPL is engaged in the business of refining crude oil, and is a subsidiary of Oil and Natural Gas Corporation Limited (ONGC), which holds 71.63 per cent stake.

The ongoing concerns over the supply of refined products and switch from costly gas to oil, led to a rise in SG complex gross refining margin (GRM) to multi-year high. MRPL stand to benefit the most from rising GRMs

In the past two months, the market price of MRPL has been more-than-doubled or has zoomed 135 per cent after the company reported strong earning for March quarter

MRPL quoted its highest level since October 2018.

For Q4FY22, MRPL reported standalone net profit of Rs 3,008 crore as against profit of Rs 268 crore in Q4FY21

#MRPL L 118 Dated 8 Jun 2022

Targets 120,125, 130 & 150

Stoploss 108 & 95

Stokcs to Watch, ONGC, CHENNPETRO

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