Bear of the Day: Stock that rose 24% in 3 days
Essar Shipping Ports & Logistics gained 2.80% or Rs 2.50 to end at Rs 91.85 on the BSE. It touched an intraday high of Rs 98.25 and an intraday low of Rs 90. There were pending sell orders of 447 shares, with no buyers available. The total traded volumes were of 766,860 shares. However, it rose 24.29% in last 3 days.
March 07, 2011 / 17:20 IST
Essar Shipping Ports & Logistics gained 2.80% or Rs 2.50 to end at Rs 91.85 on the BSE. It touched an intraday high of Rs 98.25 and an intraday low of Rs 90. There were pending sell orders of 447 shares, with no buyers available. The total traded volumes were of 766,860 shares. However, it rose 24.29% in last 3 days.
The company touched its 52-week high Rs 136.25 and 52-week low Rs 71.95 on 09 Aug, 2010 and 04 Mar, 2010, respectively. Currently, it is trading -32.59% below its 52-week high and 27.66% above its 52-week low. Its market capitalisation stands at Rs 5,655.05 crore. Earlier in the week, the Gujarat High Court approved a scheme of arrangement of de-merger of shipping, logistics and oil fields services businesses of Essar Shipping Ports & Logistics Ltd. The company said in a statement that the demerger will create two separate entities i.e. Essar Ports Ltd (existing ESPLL) and Essar Shipping Ltd. Both the companies would be listed on the NSE and BSE. The scheme also includes a merger of two wholly owned investment subsidiaries into ESPLL. The scheme of arrangement will become effective upon completion of certain statutory formalities.Speaking to CNBC-TV18, Rajiv Agarwal, CEO and MD of Essar Shipping Ports and Logistics said, "In a month
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