The worst phase for foreign flows into domestic equities may soon be over.
Analysts believe the quantum of rate hikes by global central banks is likely to moderate going ahead, especially after the US Fed increased rates by 75 basis points on Wednesday.
Commenting on the move, Philip Marey of Rabobank International said, “US Fed chair Powell wants to slow down at some point. The FOMC may be thinking of 50 bps hike in September, followed by 25 bps in the remaining two meetings.” Abhijit Bhave of Fisdom Wealth, for instance says, “With global inflation progressively declining and the central banks' aggression over interest rate hikes abating, we anticipate that FII inflows would gather steam over the next two quarters.”
However, analysts caution against intermittent phases of withdrawals given macro-economic developments across major world economies.
According to Anil Sarin, CIO, Centrum PMS, recent buying driven only by events in the US. Narrative changing from inflation expectation to recession. US Fed rate hikes likely to moderate. The worst (in terms of market fall and FII selling) is over. Abhijit Bhave of Fisdom Wealth, for instance says, “With global inflation progressively declining and the central banks' aggression over interest rate hikes abating, we anticipate that FII inflows would gather steam over the next two quarters.”
However, analysts caution against intermittent phases of withdrawals given macro-economic developments across major world economies.
According to Anil Sarin, CIO, Centrum PMS, recent buying driven only by events in the US. Narrative changing from inflation expectation to recession. US Fed rate hikes likely to moderate. The worst (in terms of market fall and FII selling) is over. Total expenses spiked 106.73% to Rs 31,799.24 crore in Q1 FY23 over Q1 FY22. During the quarter, cost of raw materials consumed jumped 147.39% to Rs 27,226.59 crore while employee benifits expense rose 24.28 % to Rs 175.26 crore.
The company's gross refining margin (GRM) stood at $24.45/bbl in Q1 FY23, steeply higher than $4.94/bbl recorded in Q1 FY22.
MRPL has recorded highest ever Q1 net throughput of 4.29 million metric tonne per annum (MMTPA) from 3.07 MMTPA reported in Q1 FY22. Capacity utilization stood at 114.34% in Q1 FY23.
The company has achieved highest ever High Speed Diesel (HSD) Dispatch of 737 thousand metric tonnes (TMT) in the month of May 2022. (Previous highest was 665 TMT in the month of Mar 2022). This achievement was made possible by the commissioning of new HSD tanks and new HSD product evacuation facilities.
MRPL has processed new crudes, Kuwait Super Light crude (Kuwait, API 48.91) & Khafji crude (Neutral Zone, API-29.07) during the quarter.
The company has commissioned 4 new Retail outlets in the quarter taking the total to 36.
MRPL, a subsidiary of ONGC, is Category 1 Miniratna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas. The refinery has flexibility to process crudes of various API, delivering a variety of quality products. As on 30 June 2022, Oil and Natural Gas Corporation (ONGC) held 71.63% stake in the company.
Shares of MRPL declined 1.88% to Rs 73.20 on the BSE.
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