Essar Oil sizzles 6% on SC sales tax order

Essar Oilrallied over6% inearly tradeon Friday after the Supreme Court allowed the company to pay the balance sales tax dues in installments spread over 2 years to the Gujarat government.

The Supreme Court has set aside the judgement of the Gujrat High Court by which Essar Oil entitled to avail of sales tax deferment scheme, i.e., to pay sales tax to the State government in deferred instalments.

The company has availed of Rs 61.69 billion of sales tax benefit which was to be paid in deferred installments. Of this amount, Essar Oil has already paid Rs 10.04 billion to the Gujarat government.Shares ofthe companyare trading at Rs 51.30, up Rs 2.95, or 6.10% at the Bombay Stock Exchange (BSE) on Friday at 10:26 a.m.The scrip has touched an intra-day high of Rs 51.50 and low of Rs 49.65. The total volume of shares traded at the BSE is 432,873.In the earlier session, the shares lost 1.63%, or Rs 0.8, at Rs 48.35. Currently, the stock is trading down 47.06% from its 52-week high of Rs 96.90 and above 14.51% over the 52-week low of Rs 44.80.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 48.85 (0.50) (1.02) 1 Month 53.85 (5.50) (10.21) 3 Months 53.55 (5.20) (9.71) 6 Months 55.30 (6.95) (12.57) 1 Year 94.55 (46.20) (48.86) Note: Based on previous day closing price.