Essar Shipping shares spurt 13 pc on robust Q3 earnings

MUMBAI: Ignoring a weak broader market, shares of Essar Shipping rallied by 13 per cent today on the company's robust earnings for the third quarter of 2011-12.

Cheering the smart results, shares of the company climbed 12.14 per cent to Rs 35.10 on the BSE. Frenzied buying also pushed up the company's stock on the National Stock Exchange by 13 per cent to Rs 35.10.

Essar Shipping yesterday posted 43 per cent increase in profit after tax for the quarter ended December 31, at Rs 48.6 crore, against Rs 33.9 crore in the same quarter last year.

The revenue increased by 11 per cent to Rs 729.2 crore during the October-December quarter of 2011-12, against Rs 658.8 crore in the year ago period.

The surge in the stock was in sharp contrast to a sluggish broader market with the BSE 30-share key index Sensex trading at 17,640.99, down 66.33 points at 1045 hrs.