Ignoring a weak broader market, shares of Essar Shipping rallied by 13% today on the company's robust earnings for the third quarter of 2011-12.
Cheering the smart results, shares of the company climbed 12.14% to Rs 35.10 on the BSE. Frenzied buying also pushed up the company's stock on the National Stock Exchange by 13% to Rs 35.10.
Essar Shipping yesterday posted 43% increase in profit after tax for the quarter ended December 31, at Rs 48.6 crore, against Rs 33.9 crore in the same quarter last year.
The revenue increased by 11% to Rs 729.2 crore during the October-December quarter of 2011-12, against Rs 658.8 crore in the year ago period.
The surge in the stock was in sharp contrast to a sluggish broader market with the BSE 30-share key index Sensex trading at 17,640.99, down 66.33 points at 1045 hrs.
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