Essar Oil flares up on Iranian contract

DALAL STREET SPIKES

Ruias-promoted Essar Oil flared up 16.73 per cent to end at Rs 231.95 on reports that the company has signed a term-contract with Iran to import 1.6 million barrels of crude oil every month and is also in talks to sell back petrol to the same country.

The stock made an intraday high of Rs 234 and a low of Rs 193.70. Nearly a crore shares were traded on the counter, which is about five times the two-week average. The company has reported a net profit of Rs 29.93 crore in Q1 FY09 as against a net loss of Rs 5.67 crore in Q1 FY08.