Essar Oil hits fresh 1-year high as stock zooms nearly 50 percent in four sessions

Shares of the Ruias-controlled Essar Oil continued to report splendid performance on the equity bourses, even as the broad market sentiment remained volatile with a mixed bias.

In the last three trading sessions, Essar Oil shares spurted nearly 39 percent on the back of strong volumes.

The upward march in the counter has remained ballistic, with the stock today hitting a 52-week high of Rs 153, up 10 percent from its previous close. Over 15.50 lakh shares have changed hands on BSE so far.

Adding today’s gains so far, Essar Oil stock has notched up gains of nearly 50 percent in the last four trading sessions.

The market seems to be anticipating some kind of positive announcement in the near future although the company in a statement issued to BSE last week said there is no event, information or development in the firm following the recent spurt in volumes.

In the last week of May, Essar Oil during its earnings announcement said its stand-alone net profit for the quarter ended March 31 fell 45 percent on year to Rs 546 crore owing to heavy inventory losses. Net revenue also declined 38 percent from a year ago level to Rs 15,609 crore, mainly due to drop in crude price in the fourth quarter.