MRPL swung to a third-quarter loss from a year-ago profit on Monday, hurt by the government's windfall tax on some fuel exports and a surge in the cost of materials consumed
Mangalore Refinery and Petrochemicals Ltd (MRPL) net profit zoomed to Rs 2,707 crore in the first quarter of the current fiscal on the back of record refining margins.
MRPL, Chennai Petroleum and Hindustan Oil Exploration soared around 8 per cent each. Oil explorers - Oil India and ONGC also logged smart gains in an otherwise weak market.
Oil prices tumbled about 5 per cent to a three-week low on Friday, as investors feared that interest rate hikes from major central banks could slow the global economy and cut demand for energy.
Higher GRMs are likely to benefit from favourable global refining scenario and the MRPL is expected to report healthy earnings in near term, analysts said
The rise in the Singapore gross refining margin (GRM) to a record high of $25.2 a barrel bodes well for Indian refiners as they process raw crude into refined products.
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Western sanctions on Russia over its invasion of Ukraine has prompted many companies and countries to shun its oil. This has led to Russian crude being available in the market at deep discounts
The Mangalore Refinery and Petrochemicals Limited (MRPL) posted a net profit of Rs 969 crore during the third quarter of 2021-22 against a loss of Rs 76 crore in the corresponding period in 2020-21.
ONGC is likely to look at merging its two oil refining subsidiaries, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals, post-June 2021, its chairman Shashi Shanker said
