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Home / Markets / Stock Markets /  MRPL hits a new 52-week high in trade today, ICICI Securities remain bullish
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Mangalore Refinery and Petrochemicals Limited (MRPL) is a Category-1 Miniratna CPSE under the Ministry of Petroleum and Natural Gas. MRPL's shares closed 9.98 per cent higher on the BSE, at 89.25. The stock set a new 52-week high of 89.25 today, May 18th, 2022, in trading and the stock closed at an upper circuit of 89.25 (10 per cent) today in the closing session. The shares of MRPL have been rising over the past 5 days, gaining 25.05 per cent in that time, and the stock has also outpaced the BSE Sensex today, which is down 0.20 per cent.

In the fourth quarter of FY22, the firm earned 3,008.18 crore, up from 267.51 crore in March 2021. In Q4 FY22, net sales increased 35.76 per cent year-on-year to 28,228 crore, up from 20,793 crore in Q4 FY21. In Q4 FY22, the firm earned 2,323 crore in profit before tax (PBT), up 442.76 per cent from 428.16 crore in Q4 FY21. In March 2022, the company's revenue from operations amounted to 28,227.78 crore, with an EBITDA of 2941 crore. MRPL's earnings per share (EPS) rose to Rs. 17.16 in March 2022 from Rs. 1.53 in March 2021.

Sustained GRMs at elevated levels, higher capacity utilisation, and a de-leveraging balance sheet are the key triggers for ICICI Securities to reach a target price of 90 in a 12-month target period for the shares of MRPL. However, according to ICICI Securities, the stock's main risks include lower-than-expected crude throughput and lower-than-expected refining margins.

“Product cracks of transport fuels are currently trading at multi-quarter highs. GRMs are likely to benefit from favourable global refining scenario and the MRPL is expected to report healthy earnings in near term. We revise our rating on the stock from SELL to BUY. We roll over valuations to FY24E and value MRPL at 90/share i.e. ~1x FY24E BV)," the brokerage has said in a note.

MRPL is a multibagger stock in 2022, with its share price rising from 43.80 to 89.25, resulting in a multibagger return of 103.77 per cent year-to-date (YTD). The stock has soared from 44.15 to the current market price in the previous six months, marking a multibagger gain of 102.15 per cent. The stock has moved up over 140% from its 52-week low of 37 and the stock is now trading higher than its 5 days, 10 days, 12 days, 20 days, 26 day, 50 day, 100 days and 200 days moving averages.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

 

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