2. Oil exploration is its primary activity and it is also involved in marketing oil products and petrochemicals. It is aggresive in its growth and has a number of oil blocks in India and overseas for exploration, production and development of oil, gas and coal bed methane (CBM). It is active in countries like Madagascar, Myanmar and Nigeria.
3. The stock is seeing a flurry of activity in past few day and one can buy this stock for a few days to few months for a target of Rs 214-245 with stop loss of Rs 154. Though stop loss is deep but same is to cater for the market intraday volatility. However if you can not afford to cater for the suggested stop loss than do not enter in the stock as market volatility can play spoil spot.
4. Essar Oil is learnt to have decided to raise around $500 million through the QIP route as part of its $2 billion fund-raising programme. The Ruias-owned oil company has recently taken the decision to raise a couple of billion dollars to finance its expansion plans.
5. As a disclosure am holding 500 shares of Essar oil.
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