Weak global GRMs to impact refining business performance Reported GRMs during the quarter were at US$4.5/bbl, below our estimate of US$4.8/bbl. Inventory gain was at US$2.4/bbl. The company reported weak core GRMs at US$2.1/bbl on account of a weak operational performance. Benchmark Singapore GRMs are remaining weak in the current quarter also (Q1FY20-TD) at US$4/bbl with weak product spreads. Hence, operational efficiencies will play a key role in deciding HPCL's performance in coming quarters. We estimate GRM at US$4.9/bbl and...