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Essar Oil surges 6% after Supreme Court order

Essar Oil surges 6% after Supreme Court order
Shares of the Essar Oil surged 6% on Friday after the Supreme Court asked the company to pay the balance sale tax dues in installments spread over two years.

The Supreme Court said that the balance dues of Rs 5,165 crore in now payable in eight quarterly installments beginning January 2, 2013," Essar Oil said in a filing.

However, the court dismissed the interest demand of Gujarat state for around Rs 1,800 for period upto Jan 17,2012.

While directed the payment at the rate of only 10% per annum against 18% per annum demanded by the Gujarat State for the period beyond January 17, 2012.

The shares of the company surged 6% to Rs 51.30 on BSE at 11.40 am IST. The stock surged to intr-day high of Rs 51.50.

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