Essar Oil soars over 57% in seven sessions

Essar Oil hit an upper circuit limit of 10% to Rs 158.20 at 15:16 IST on BSE, extending recent gains triggered by renewed buying.

Meanwhile, the BSE Sensex was up 298.07 points, or 1.11%, to 27,130.73.

On BSE, so far 17.15 lakh shares were traded in the counter, compared with an average volume of 2.35 lakh shares in the past one quarter.

The stock was currently frozen at 52-week high. The stock hit a low of Rs 142.80 so far during the day. The stock hit a 52-week low of Rs 91.85 on 27 November 2014.

Shares of Essar Oil has risen 57.26% in seven trading sessions from a recent low of Rs 100.60 on 9 June 2015.

The stock had outperformed the market over the past one month till 17 June 2015, rising 39.52% compared with 1.80% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 40.07% as against Sensex's 6.62% fall.

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

With reference to news tickers flashed on a business news channel: "Promoters plan to sell 51% stake sale. Sale likely to happen at premium to mkt price. Stake sale may trigger 26% open offer," Essar Oil clarified during trading hours on Tuesday, 16 June 2015, that as on date there is no event, information or development in the company which is required to be submitted as per clause 36 of the listing agreement.

Essar Oil's net profit fell 45.8% to Rs 546 crore on 38.3% decline in net sales to Rs 15563 crore in Q4 March 2015 over Q4 March 2014.

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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