Cairn India rose 2.27% to Rs 317.80 at 13:23 IST on BSE as US crude oil futures edged higher and the Indian rupee weakened against the dollar.
Meanwhile, the BSE Sensex was down 28.05 points, or 0.14%, to 20,638.10.
On BSE, 86,000 shares were traded in the counter compared with average volume of 2.01 lakh shares in the past one quarter.
The stock hit a high of Rs 319 and a low of Rs 312 so far during the day. The stock hit a 52-week high of Rs 349.90 on 22 January 2013. The stock hit a 52-week low of Rs 267.90 on 28 March 2013.
The stock had underperformed the market over the past one month till 8 November 2013, sliding 4.33% compared with the Sensex's 3.42% rise. The scrip had also underperformed the market in past one quarter, rising 5.50% as against Sensex's 9.99% rise.
The large-cap company has an equity capital of Rs 1910.62 crore. Face value per share is Rs 10.
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Crude oil prices rose in Asian trade today, 11 November 2013. New York's main contract West Texas Intermediate for December delivery was up 19 cents, or 0.20% to $94.79 in afternoon trade, while Brent North Sea crude for December rose 34 cents, or 0.32% to $105.46.
In the foreign exchange market, the rupee fell below 63 level against the dollar. The partially convertible rupee was hovering at 63.22, compared with its close of 62.475/485 on Friday, 8 November 2013.
Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India. Weak rupee will also benefit Cairn India as it sells crude in dollars.
Cairn India's consolidated net profit jumped 45.8% to Rs 3385.08 crore on 4.7% growth in net sales to Rs 4649.91 crore in Q2 September 2013 over Q2 September 2012.
The company reported foreign exchange fluctuation gain of Rs 429.16 crore in Q2 September 2013, as against foreign exchange fluctuation loss of Rs 785.81 crore in Q2 September 2012.
Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. The company sells its oil to major refineries in India and its gas to both public sector units and private buyers.
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