Essar Oil has rallied 14% to Rs 91.20 after reporting a five-fold jump in net profit at Rs 1,008 crore for the fourth quarter ended March 31 2014 (Q4) due to a one-time foreign exchange gain of Rs 314 crore and healthy refining margins. The company had posted a profit of Rs 200 crore in the same quarter last year.
Net sales grew by 7% to Rs 25,211 crore on a year-on-year basis, Essar Oil said in a statement.
The gross refining margins (GRM) for the quarter stood at $10.12 per barrel. GRM is the difference between the per-barrel price of crude oil and the value of petroleum products produced by a refinery from it.
The stock opened at Rs 86 and hit a 52-week high of Rs 92.50 on the NSE. A combined 3.95 million shares have already changed hands on the counter in early morning deals on the NSE and BSE.