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Essar Oil surges on plans to expand capacity of Vadinar refinery

03 Jun 2013 Evaluate

Essar Oil scrip is currently trading at Rs. 77.75, up by 1.30 points or 1.70% from its previous closing of Rs. 76.45 on the BSE.

The scrip opened at Rs. 77.00 and has touched a high and low of Rs. 78.75 and Rs. 77.00 respectively. So far 189300 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 96.15 on 04-Feb-2013 and a 52 week low of Rs. 46.00 on 31-Aug-2012.

Last one week high and low of the scrip stood at Rs. 80.50 and Rs. 75.80 respectively. The current market cap of the company is Rs. 10665.86 crore.

The promoters holding in the company stood at 15.96%, while Institutions and Non-Institutions held 4.05% and 5.99% respectively.

Essar Oil has decided to expand the capacity of its Vadinar refinery in Gujarat from the present 20 million tonnes to 40 million tonnes per annum (mtpa) in the next five years. It aims to invest about Rs 35,000 crore for this initiative and another Rs 40,000 crore to set up an integrated petrochemical project. The company also has the required land and environment clearance with it.

The entity has commissioned its Vadinar refinery in 2008, increasing its capacity from 10.5 mtpa to 18 mtpa and then to 20 mtpa last year, at a total investment of Rs 24,000 crore. The refinery count for about 10% of the country’s refining capacity.

 

Peers
Company Name CMP
Reliance Industries 1343.45
Indian Oil Corp. 144.15
BPCL 308.00
HPCL 370.15
MRPL 174.95
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