Cairn India rose 1.81% to Rs 340.65 at 9:56 IST on BSE as US crude oil futures climbed to their highest closing level in two weeks on Friday, 3 August 2012 after Labor Department data showed US payrolls jumped 163,000 in July 2012.
Meanwhile, the BSE Sensex was up 208.38 points or 1.21% to 17,406.31.
On BSE, 27,000 shares were traded in the counter as against average daily volume of 11.96 lakh shares in the past one quarter.
The stock hit a high of Rs 341.50 and a low of Rs 336.05 so far during the day. The stock had hit a record high of Rs 400.95 on 22 February 2012. The stock had hit a 52-week low of Rs 250 on 26 August 2011.
The stock had outperformed the market over the past one month till 3 August 2012, jumping 6.94% compared with the Sensex's 1.31% fall. The scrip had, however, underperformed the market in past one quarter, falling 2.68% as against Sensex's 0.27% rise.
The large-cap oil exploration firm has equity capital of Rs 1907.91 crore. Face value per share is Rs 10.
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US crude oil futures for September 2012 delivery were down 28 cents at $91.12 a barrel in electronic trading today, 6 August 2012. The contract jumped $4.27 or 4.9% to settle at $91.40 a barrel on the New York Mercantile Exchange on Friday, 3 August 2012, its highest closing level since 20 July 2012. Crude prices gained 1.4% last week. Higher crude oil prices will result in higher realization from crude sales for oil exploration firms such as Cairn India.
Hiring in the US surged in July to its highest pace since February, boosted by a pickup in employment in the auto sector. According to the US Bureau of Labor Statistics (BLS) data on Friday, 3 August 2012, nonfarm payrolls rose 163,000 in July, which follows a revised 64,000 gain in June that was smaller than the 80,000 rise initially estimated.
Cairn India's consolidated net profit jumped 40.3% to Rs 3825.74 crore on 19.6% growth in net sales to Rs 4440.03 crore in Q1 June 2012 over Q1 June 2011.
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 PSU and private buyers.
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