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MRPL: Seeking Government help - Views on News from Equitymaster
 
 
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  • Jul 2, 1999

    MRPL: Seeking Government help

    MRPL, which is to shortly commission the expanded capacity at it sole refinery, has sought several tax incentives and exemptions up to 15 years from the central and state governments.

    Mangalore Refinery & Petrochemicals Limited (MRPL) (FY99 Sales Rs 14.2 bn) has been jointly promoted by the Aditya Birla Group and Hindustan Petroleum Corporation Ltd. (HPCL). The company operates a 3 MMTPA refinery and is planning to increase it to 9 MMTPA at a cost of Rs 37 bn.

    The company has applied for the incentives as it has been facing certain disadvantages because of the recession in the industry. These concessions, if granted, will add to the bottomline of the company.

    Market View:
    The stock has been rated as a 'SELL' mainly on account of excess refining capacity in India which will lead to thin margins. Moreover, given the imminent decontrol of the sector the company could be at a competitive disadvantage given its relatively lower capacities vis-a-vis its competitors.

     

     

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