Why has MRPL stock rallied so sharply in the last few weeks?
Answer
Answer
The stock of MRPL rallied to a 3-year high price of Rs.65.45. While the stock of MRPL has gained 13% on Wednesday it is up nearly 58% in last 12 sessions. MRPL, a subsidiary of ONGC, reported Q3 refining net profits of Rs.589 crore. MRPL was helped by higher GRMs of $5.8/bbl and higher inventory gains. MRPL capacity utilization was 95%. Its proximity to Mangalore port gives an edge and its desalination plant is also commissioned.