MRPL shares slide 7% after co slips to loss in Q1 on margin, revenue hit
ADVERTISEMENT Last week, MRPL, a subsidiary of ONGC, reported a consolidated net loss of Rs 271 crore for Q1 FY26, compared to a net profit of Rs 73 crore in the same quarter last year.
Revenue from operations for the June quarter fell to Rs 20,988 crore, down from Rs 27,289 crore recorded in Q1 FY25. Additionally, the company's Gross Refining Margin (GRM), a key indicator of profitability in the refining business, dropped to $3.88 per barrel from $4.70 per barrel year-on-year, highlighting the pressure on MRPL's core operations. Investors reacted negatively to the results, leading to a notable dip in the stock price on Monday.
The stock has experienced significant volatility over the past year, hitting a 52-week high of Rs 230.25 and a low of Rs 98.95. Overall, the share price has declined by approximately 35% in the last 12 months, reflecting the challenges faced by the company and broader market conditions.From a technical standpoint, the daily Relative Strength Index (RSI) stands at 59.6. Typically, an RSI below 30 indicates that a stock is oversold and may be due for a rebound, while an RSI above 70 suggests it is overbought and could face selling pressure. At 59.6, MRPL's RSI signals neither extreme, indicating a neutral momentum.
ADVERTISEMENT Also read: ICICI Bank shares surge 2% after Q1 profit rises 15% YoY to Rs 12,768 crore. Should you buy, sell, or hold?
Looking at moving averages, MRPL is currently trading below six out of eight Simple Moving Averages (SMAs), which is generally a bearish indicator. The stock is only above the 100-day and 150-day SMAs, while it remains below shorter-term averages such as the 5-day and longer-term averages like the 200-day SMA. This mixed pattern suggests some short-term weakness and pressure in the stock price despite a few longer-term support levels.
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