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Essar Oil Ltd share price today (on 22 September 2023).
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BSE: 500134 | NSE: ESSAROIL | ISIN: INE011A01019 Market Cap: [Rs.Cr.] 6,931 | Face Value: [Rs.] 10 Industry: Refineries
Essar Oil Ltd is a fully integrated oil & gas company of international scale with a strong presence across the hydrocarbon value chain. The company is engaged in the exploration and production of oil and gas, refining of crude oil, and marketing of petroleum products. The company has a global portfolio of onshore and offshore oil and gas blocks, with about 45,000 sq km available for exploration. They have over 676,000 bpsd (barrels per stream day) of global crude-refining capacity (Vadinar+Stanlow+Kenya), which includes the 80,000-bpsd refinery of Kenya Petroleum Refineries. The company is aggressively growing their presence in the exploration and onshore oil and gas blocks as well as coal bed methane blocks (CBM) in Asia, Africa and Australia.
The company serves retail customers through a modern, countrywide network of over 1,400 operational retail outlets with over 250 outlets in various stages of construction. They were the first private Indian company to enter petro retailing, looking beyond urban markets and reaching out to consumers in India's heartland. They offer a wide range of products to bulk customers in the industrial and transport sectors. They have product offtake and infrastructure sharing agreements with oil PSUs, namely Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Indian Oil Corporation (IOCL). They have received approvals to supply Aviation Turbine Fuel (ATF) to the Indian Armed Forces. Essar Oil Ltd was incorporated as a public limited company in the year 1989. In the year 1990, the company set up the Exploration and Production Division for the purpose of Oil & Gas exploration activities. In March 1992, the company became a wholly owned subsidiary of Essar Gujarat Ltd in March 1992. Also, they entered into an MoU with Essar Refineries Ltd for operation and maintenance services for the Refinery.
In the year 1993, the company secured international drilling contracts against international competitive bidding. They signed an MoU with UOP Inter Americana, USA (UOP), for providing major process technologies. In the year 1994, Essar Gujarat Ltd transferred the entire shareholding of Essar Oil td to Essar Investments Ltd. The company entered into an MoU with Essar Gulf for the supply of Crude Oil. In the year 1995, the company entered into a contract with Essar Gulf FZE (Essar Gulf), a company based in UAE for supply of imported equipment. Also, they entered into a contract with Essar Projects Ltd, a group company, for supply of indigenous Equipment and Materials and for construction and erection of all Equipment at site.
The company entered into an MOU with Government owned public sector oil company, Indian Oil Corporation Ltd for marketing and distribution of their products. In the year 1996, the energy division made entry into Qatar with a three-year contract from Qatar General Petroleum Corporation for the deep Rig. They set up a Marketing division to source, handle and market petroleum products for the group in line with the Government's policy from time to time. In the year 1997, the company decided to hike their petroleum refinery capacity at Vadinar in Gujarat from nine million tonnes to 10.5 million tonnes. Also, the Exploration and production (E&P) division of the company signed production sharing contracts for three more exploration blocks-two onshore blocks in Rajasthan and one offshore in the Mumbai offshore basin. In the year 1998, the company forged alliances with three foreign oil companies and Hindustan Oil Exploration Company (HOEC) for joint exploration activities in the country.
The company initiated a marketing agreement with the public sector Indian Oil Corporation (IOC), according to which, 50 per cent of the offtake from the refinery would be through IOC, and the balance through BPCL. In the year 2000, the company hived off their drilling division into a separate entity. In the year 2002, the company received the authorisation from government to sell petrol and diesel. In the year 2003, the company sold their Energy Division to Bin Jabr group Ltd, an oil and gas service provider based in Abu Dhabi with total consideration of $0.6m. Also, the company started marketing imported products. The company set up their first retail outlet at Devrukh in Ratnagiri District of Maharashtra. They divided their Petromarketing Business into two entities called 'retail' and 'institutional'. The company bagged a tender for diesel supplies to the Bangalore Metropolitan Transport Corporation (BMTC). The company signed an agreement with Castrol India Ltd for sale of Castrol lubricants through Essar Oil fuel outlets throughout the country during the year 2004. In the year 2005, the company entered into an agreement with the Myanmar Government for exploration and production of two oil blocks there. In the year 2007, the company started supplying Liquefied Petroleum Gas (LPG) and Kerosene to PSUs for sale through the Public Distribution System.
In May 1, 2008, the company started commercial production at 14 MTPA refinery at Vadinar in Gujarat. This refinery has been built with state-of-the-art technology and has the capability to produce petrol and diesel suitable for use in India as well as advanced international markets. During the year 2009-10, Vadinar Power Company Ltd and Essar Energy Overseas Ltd ceased to be subsidiaries of the company. The company initiated expansion of the capacity of Vadinar refinery in two phases. The first phase will ramp up the refinery capacity to 16 MMTPA, while the second phase of expansion will add another 18 MMTPA refining capacity. During the year 2010-11, the company enhanced the capacity of Vadinar refinery to 20 MMTPA through phase 1 expansion. In May 2010, as per scheme of amalgamation, Essar Oil Vadinar Ltd, a wholly owned subsidiary company was amalgamated with the company with effect from April 1, 2008.
Essar Oil Ltd (EOL) operates a fully integrated oil company of international size and scale in India.
The Exploration and Production (E&P) business of the company has participating interests in several hydrocarbon blocks for exploration and production. Essar Oil is an end-to-end player in the oil and gas sector \ from exploration to refining to retail.The company is a leader in the exploration of coal bed methane gas. Essar Oil has a 300,000 barrels per stream day (bpsd) refinery at Vadinar
Post merger of Essar Oil Vadinar Ltd., the company does not have any subsidiary During the year, the company had 70 % operating interest in Mehsana oil and gas block that has started crude production; 100% rights in two exploration blocks in Northern Territory, Australia offshore; 100% interest in one oil and gas block in Vietnam; 100% interest in two exploration blocks in Assam, and 100% interest in one CBM block in IB Valley, Orissa. As of March 31, 2011, the company had 1,635 Essar Oil retail outlets. In March 2012, the company inked an agreement with Indraprastha Gas Ltd (IGL) to put up the latter's CNG pumping facilities at EOL outlets in the NCR (National Capital Region).
According to the Individual - Audited financial statement for the Year of 2012, total net operating revenues increased with 25.09%, from INR 46,184.57 tens of millions to INR 57,773.29 tens of millions. Operating result decreased from INR 2,113.37 tens of millions to INR 1,676 tens of millions which means -20.70% change. The results of the period reached INR -48.02 tens of millions at the end of the period against INR 653.88 tens of millions last year. Return on equity (Net income/Total equity) went from 10.00% to -1.36%, the Return On Asset (Net income / Total Asset) went from 3.10% to -0.28% and the Net Profit Margin (Net Income/Net Sales) went from 1.42% to -0.08% when compared to the same period of last year. The Debt to Equity Ratio (Total Liabilities/Equity) was 455.05% compared to 237.71% of last year. Finally, the Current Ratio (Current Assets/Current Liabilities) went from 1.07 to 0.70 when compared to the previous year.
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