Essar Oil shares zoom over 19% on strong Q4 earnings
May 21 2014 , Mumbai
Cheering the smart set of numbers that were declared post market hours yesterday, Essar Oil shares opened the day on a robust note and as the trade progressed it further surged 18.75 per cent to hit its one-year high level of Rs 92.15 on the BSE.
At the NSE, the stock zoomed 19.27 per cent to Rs 92.50 -- its 52-week high.
Essar Oil, India's second-largest private refiner, yesterday reported a five-fold jump in fourth-quarter net 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 had 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.