Buy Or Sell? Multibagger PSU Miniratna Hits 20% Upper Circuit, Jumps 56.44% In 1-Week

Mid cap public sector undertaking Mangalore Refinery & Petrochemicals Ltd shares today hit 20% upper circuit on BSE. Last trading price of Mangalore Refinery shares on BSE is Rs 287.40 apiece. Mangalore Refinery shares have been witnessing sharp upward rally as shares rallied 56.44% in just last 1-week only. The scrip soared 435% in last 1-year only. The company has a market capitalisation of Rs 50,369.69 crore. Check what analysts have been saying about the stock below:

Mangalore Refinery Shares Performance & Return: The 52-week high price of Mangalore Refinery shares on BSE is Rs 289.25 apiece and 52-week low price is Rs 49.20 apiece, respectively. Mangalore Refinery shares rallied 117% year-to-date, rallied 237% in last 6-months, and offered massive returns of 577% in last 2-years. The stock soared 669% in last 3-years. The 14-day relative strength index or RSI of the counter is at 77.8 highlighting MRPL shares are overbought. Mangalore Refinery shares have a 1-year beta of 0.7, indicating very less volatility.

MRPL Q3 Results: The company for the quarter ended December 31, 2023 declared its net profit at Rs 387 crore as compared to Rs 188 crore net loss in the corresponding quarter of last year. It declared its revenue from operations for q3 of 2023-24 at Rs 28,383 crore as against Rs 30,966 crore in the similar quarter of last year. The company accomplished highest ever coke loading during any month in December by loading 21 rakes. It also registered its highest-ever monthly gross crude input of 1,499 thousand metric tonnes (30 days basis) in November 2023 against the previous 1,481 TMT in April 2022.

The board of MRPL also recommended an interim dividend of Re 1 per share on each equity share of Rs 10 for the financial year 2023-24. The total payout on this account was Rs 175.26 crore. The PSU fixed February 2, 2024 as the record date for interim dividend.

Brokerages Opinion: According to Anand Rathi Shares and Stock Brokers, "Support will be at Rs 220 and resistance at Rs 240. A decisive close above Rs 245 level may trigger a further upside till Rs 255. Expected trading range will be between Rs 200 and Rs 270 for a month."

Motilal Oswal in its report dated January 23 recommended sell call to MRPL shares with target price of Rs 135 apiece. The analyst said, "We value the stock at 5.5x Dec'25E EBITDA of INR62b to arrive at our TP of INR135. We downgrade the stock to SELL."

About MRPL: Mangalore Refinery and Petrochemicals Limited (MRPL) is a Category 1 Miniratna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas. The 15.0MMTPA (Million Metric Ton per annum) Refinery has got a versatile design with complex secondary processing units and high flexibility to process Crudes of various APIs, delivering a variety of quality products. Before acquisition by ONGC in March 2003, MRPL, was a joint venture Oil Refinery promoted by M/s Hindustan Petroleum Corporation Limited (HPCL), a public sector company and M/s Indian Rayon and industries limited(IRIL) (AV Birla Group). MRPL was set up in 1988 with the initial processing capacity of 3.69 MMTPA that was later expanded to the present capacity of 15.0 MMTPA.

Disclaimer:

The stock has been picked from the brokerage report of Motilal Oswal and Anand Rathi Shares & Stock Brokers. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.