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Friday, December 16, 2011

Essar Oil at 4 year low

Essar Oil falls after meteoric rise 


It‘s not been too long since Essar oil skyrocketed from Rs. 45 to 355. But Essar oil oozed out all gains and is almost back to the level from where it had started its upward journey.
Ruia brothers Ravi Ruia and Anshuman Ruia, who happens to be the promoters of the Essar oil have been named in the 2G scam, this resulted in the worsening of the sentiment.
Essar oil enjoys 6% of India’s refining capacity with capacity of 2, 10,000 barrels per day and intends to expand it to 1 million barrels.
Easing of the global crude prices owing to the financial crisis in USA and Europe eased the crude prices and Essar oil lost on the inventory losses (as inventory was procured at the higher level).
Weakening rupee also hampered the company’s profitability by making imports dearer.
Now all eyes set on December 17 court-hearing, any verdict going against Ruia brothers could bring this stock further down.

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