Essar Oil rises on entering into tie-up with GSPC to commission CNG facility

Nayara Energy Ltd. | Refineries | Oil & Gas | BSE: 500134 | NSE: ESSAROIL

01 Oct 2012 Evaluate

Essar Oil is currently trading at Rs. 51.00, up by 0.20 points or 0.39% from its previous closing of Rs. 50.80 on the BSE.

The scrip opened at Rs. 51.00 and has touched a high and low of Rs. 51.35 and Rs. 50.55 respectively. So far 25,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 88.40 on 31-Oct-2011 and a 52 week low of Rs. 44.80 on 18-Jan-2012.

Last one week high and low of the scrip stood at Rs. 53.20 and Rs. 48.65 respectively. The current market cap of the company is Rs. 6,964.00 crore.

The promoters holding in the company stood at 15.96% while Institutions and Non-Institutions held 3.64% and 6.40% respectively.

Essar Oil, India’s largest private sector oil retailer has entered into a tie-up with Gujarat State Petroleum Corporation (GSPC) to commission a Compressed Natural Gas (CNG) facility located at Botad in Bhavnagar, Gujarat. This tie-up is an endeavor by the company to offer more fuel choice to customers.

The facility has come up alongside Essar’s retail outlet at Botad and will be its 20th CNG outlet in the Gujarat state. Currently Essar Oil operates about 225 retail outlets across Gujarat and is planning to add 30 more facilities in different parts of the country. It has CNG sourcing tie-ups with GSPC, Sabarmati Gas, Adani Gas, GAIL and Gujarat Gas Corporation across Gujarat for selling CNG at its franchisee-owned and franchisee-operated outlets.

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.

GSPC, incorporated in 1979 as a petro-chemical company, is a state-owned oil and gas company with the state government holding approximately 95% equity stake.

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