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Shares of Essar Ports on Monday soared higher by 20 per cent to touch their highest permissible limit of the day at Rs 80.30, amid reports of a ‘buy’ rating by a global financial services firm.
According to media reports, Essar Ports was given a “buy” recommendation by Bank of America Merrill Lynch in its initial coverage of the stock.
Reacting to the news, the shares of Essar Ports opened on a bullish note and surged 19.94 per cent to touch a high of Rs 80.30 on the BSE. The circuit filter applicable on the stock limits its rise or fall to 20 per cent during a day.
At the National Stock Exchange also, the stock rallied by 20 per cent to touch a high of Rs 80.40. In the process, the company’s market capitalisation rose by Rs 548 crore to Rs 3,295 crore at the end of today’s trade.
The stock considerably outperformed the broader market trends, as the benchmark Sensex fell nearly 100 points to settle at 17,705.01, points.
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