Essar Oil gains on commissioning second hydrogen manufacturing unit

Essar Oil rose 2.44% to Rs 109.05 at 9:35 IST on BSE after the company said it has commissioned second hydrogen manufacturing unit of 105 Knm3/hr capacity at company's refinery.

The company made announcement after trading hours yesterday, 31 December 2014

Meanwhile, the S&P BSE Sensex was down 101.38 points or 0.37% at 27,398.04.

On BSE, so far 8,852 shares were traded in the counter as against average daily volume of 1.77 lakh shares in the past one quarter.

The stock hit a high of Rs 110.05 and a low of Rs 108.50 so far during the day. The stock hit a 52-week high of Rs 132.50 on 10 September 2014. The stock hit a 52-week low of Rs 44.50 on 31 January 2014.

The stock had outperformed the market over the past one month till 31 December 2014, rising 13.67% compared with Sensex's 4.16% fall. The scrip had however underperformed the market in past one quarter, falling 8.86% as against Sensex's 3.26% rise.

The large-cap firm has equity capital of Rs 1511.44 crore. Face value per share is Rs 10.

The unit would provide flexibility and reliability to overall refinery operations, Essar Oil said.

Essar Oil reported net profit of Rs 226 crore in Q2 September 2014 compared with net loss of Rs 71 crore Q2 September 2013. Total income fell 12.4% to Rs 22734 crore in Q2 September 2014 over Q2 September 2013.

Essar Oil is a fully integrated oil & gas company of international scale with strong presence across the hydrocarbon value chain from exploration & production to refining and oil retail.

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