Essar Oil shares surge over 15% on strong Q4 earnings

Essar Oil shares climbed more than 15 per cent today after reporting a five-fold jump in fourth-quarter net profit.
After surging 18.75 per cent to Rs 92.15, a 52-week high on the BSE, the stock closed at Rs 89.50, a gain of 15.34 per cent. On the National Stock Exchange, the scrip ended at Rs 88.90, up 14.64 per cent.
While more than 1 crore shares were traded on the NSE, 41.70 lakh shares changed hands on the BSE.
Essar Oil, India's second-largest private refiner, yesterday reported a five-fold jump in fourth-quarter profit on higher refining margins and foreign exchange gains.

Net profit soared to Rs 1,008 crore in January-March from Rs 200 crore a year earlier, Essar Oil Managing Director & CEO L K Gupta said on a conference call.
Revenue increased 7.5 per cent to Rs 27,691 crore. The company processed 5.05 million tonnes of crude oil in Q4, marginally lower than 5.08 million tonnes a year earlier.