Cairn India gains on buzz of getting approval for raising oil output at Rajasthan block

Cairn India rose 1.32% to Rs 371.40 at 14:09 IST on BSE on reports the company received environmental clearance for raising crude oil production from its Rajasthan block to 300,000 barrels per day.

Meanwhile, the BSE Sensex was up 22.80 points, or 0.09%, to 25,213.28.

On BSE, so far 4.08 lakh shares were traded in the counter, compared with an average volume of 2.26 lakh shares in the past one quarter.

The stock hit a high of Rs 377.70 and a low of Rs 367.05 so far during the day. The stock hit a 52-week high of Rs 385 on 10 June 2014. The stock hit a 52-week low of Rs 273.40 on 26 June 2013.

The stock had outperformed the market over the past one month till 16 June 2014, rising 7.65% compared with 4.43% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 11.96% as against Sensex's 15.50% rise.

The large-cap company has an equity capital of Rs 1910.90 crore. Face value per share is Rs 10.

According to reports, Cairn India received approval to augment hydrocarbon production from the RJ-ON-90/01 Block in Barmer to 300,000 barrels of oil per day (bopd) from the current limit of 200,000 bopd.

The panel set up by the environment ministry, however, imposed certain conditions for the company, including uploading the status of environment compliance and results of monitored data on its website and updating it periodically, reports added.

Cairn India's consolidated profit after tax rose 18% to Rs 3035 crore on 16% growth in revenue to Rs 5049 crore in Q4 March 2014 over Q4 March 2013.

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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