Essar Group stocks in focus

Essar Port, Essar Oil and Essar Shipping have rallied between 5-20% on back of heavy volumes.

Essar Group stocks – Essar Port, Essar Oil and Essar Shipping, are trading higher by up to 20% on back of heavy volumes in otherwise weak market.  Essar Port and Essar Oil are trading at their 52-week highs on the bourses.

Essar Port has surged nearly 20% to Rs 98.90 on the National Stock Exchange (NSE). The stock opened at Rs 82 and has seen over ten-fold jump in trading volumes.  At 1420 hours, a combined 7.14 million shares already changed hands against an average sub one million shares that were traded daily in past two weeks on the NSE and BSE.

Essar Oil too rallied 16% to Rs 118 on back of over two-fold jump in trading. So far, a combined 13.46 million shares changed hands on the counter.

Essar Shipping is locked in upper circuit, up 5% at Rs 24.50 with no sellers on the counter. A combined around 134,000 shares changed hands and there are pending buy orders for 86,783 shares on the NSE and BSE.

Last month there was buzz that the Essar Group, controlled by billionaire brothers Shashikant and Ravikant Ruia, to consider delisting of its publically traded group companies.

However, on May 21, 2014, all these three companies had clarified to BSE that they not received any communication /proposal from their promoters of their intension to delist the equity shares of the companies.