Feb 15, 2017 01:38 PM IST | Source:

Hold MRPL; target of Rs 107: Centrum

Centrum recommended hold rating on MRPL with a target price of Rs 107 in its research report dated February 07, 2017.

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Centrum's research report on MRPL

Core GRM could have been higher, but owing to nozzle breakdown during planned plant shutdown for 36 days in Phase-I (restored now) and lower petrochemical production dragged distillate yield and adversely impacted its ability to achieve higher GRM. Currently, MRPL has indicated a core GRM of +USD6 to 7/bbl in Q4FY17 until Jan at par with benchmark Singapore GRM.


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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