Essar Oil climbs after getting environmental nod for Raniganj gas field

Essar Oil climbed on Tuesday after a sharp fall of almost 12% in the previous session. The company has been granted phase III environmental clearance for its coal bed methane (CBM) gas field at Raniganj, West Bengal, allowing it to increase drilling to 650 wells.

The phase III approval was granted by the Government of India's Ministry of Environment and Forests. Shares ofthe companyare trading at Rs 75.70, up Rs 2.95, or 4.05% at the Bombay Stock Exchange (BSE) on Tuesday at 9:55 a.m.The scrip has touched an intra-day high of Rs 76.75 and low of Rs 73.25. The total volume of shares traded at the BSE is 498,144.In the earlier session, the shares declined 11.71%, or Rs 9.65, at Rs 72.75. Currently, the stock is trading down 21.27% from its 52-week high of Rs 96.15 and above 64.57% over the 52-week low of Rs 46.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 83.20 (10.45) (12.56) 1 Month 91.85 (19.10) (20.79) 3 Months 70.60 2.15 3.05 6 Months 48.45 24.30 50.15 1 Year 60.00 12.75 21.25 Note: Based on previous day closing price.