GRMs expected to improve due to IMO regulations Reported GRMs during the quarter were at US$1.3/bbl, below our estimate of US$5.8/bbl during the quarter on account of inventory losses of US$1.7/bbl vs. expected loss of ~US$0.4/bbl. The company's core GRMs remained weak at US$3/bbl, below our estimates. Benchmark Singapore GRMs have declined in the current quarter (Q3FY20-TD) compared to Q2FY20 at US$4.2/bbl. IOC's operational efficiencies will play a key role in deciding its performance in coming quarters. We estimate GRM at...