MRPL to raise Rs 3,000 cr via NCDs

MRPL Mangalore Refinery and Petrochemicals Ltd has posted a profit before tax of Rs 1,137 crore as against Rs 509 crore for during the corresponding previous quarter. The profit after tax for first quarter of the current fiscal is Rs 720 crore as against Rs 405 crore in the corresponding quarter last fiscal. The gross refining margin (GRM) stood at $10.01/bbl (as against $6.62/bbl in Q1 of FY'15-16.

MRPL has broken out of cloud and momentum indicators are showing strength. 78 levels can provide good support and one can expect stock move up to 92 levels with first target of 88. As usual trade with caution and do your own research.