Cairn India is trading higher by 4% to Rs 345 on back of heavy volumes. The stock opened at Rs 332 and hit a high of Rs 351, its highest level since September 2012 on the BSE.
At 1450 hours, a combined 5.16 million shares representing 0.65% of total free-float equity of the company have changed hands against an average sub 2 million shares that were traded daily in past two weeks on the BSE and NSE.
Meanwhile, shares in oil exploration and production firm has gained 6% in past two trading sessions after the Delhi High Court granted three weeks time to respond to a show cause notice by the income tax department for an alleged failure to deduct withholding tax on alleged capital gains to Cairn UK Holdings Ltd in 2006-07.
At 1450 hours, a combined 5.16 million shares representing 0.65% of total free-float equity of the company have changed hands against an average sub 2 million shares that were traded daily in past two weeks on the BSE and NSE.
Meanwhile, shares in oil exploration and production firm has gained 6% in past two trading sessions after the Delhi High Court granted three weeks time to respond to a show cause notice by the income tax department for an alleged failure to deduct withholding tax on alleged capital gains to Cairn UK Holdings Ltd in 2006-07.