Centrum recommended hold rating on MRPL with a target price of Rs 107 in its research report dated February 07, 2017.
Centrum's research report on MRPL
We downgrade Mangalore Refinery and Petrochemicals Limited (MRPL) to Hold with a revised TP of Rs 107 (earlier TP of Rs 97). The company reported a weak core GRM of USD5.1/bbl vs USD5.5/bbl in Q2FY17 vs benchmark Singapore GRM of USD6.7/bbl. The core GRM was weak due to non-optimum utilisation of units whereas reported GRM of USD7.4/bbl was strong owing to creeping of inventory gains.
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