Dec 18 Essar Energy Plc reiterated its
positive outlook for the business despite the recent fall in its
share prices, sending its stock up 4 percent in early trade.
The London-listed power, oil and gas arm of privately held
Indian conglomerate Essar Group said energy demand in India will
continue to remain strong for many years and that it was well
placed to meet that demand.
"Although our recent share price performance has been
disappointing, our underlying business is strong and our future
prospects remain positive," Essar Energy Chairman Prashant Ruia
said in a statement on Wednesday.
Shares in the company were up 2 percent at 72.30 pence at
0823 GMT, making it one of the top percentage gainers on the
FTSE-250 Midcap Index. The stock has fallen nearly 30 percent
since the company announced a first-half loss on Nov. 25.
Essar added that its operational performance was currently
in line with expectations and its outlook remains unchanged.
(Reporting by Roshni Menon in Bangalore; Editing by Supriya