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JPMorgan resumes Cairn India at 'overweight' on valuations

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Reuters
Last Updated : Oct 21 2013 | 10:25 AM IST

Reuters Market Eye - J.P.Morgan assumes coverage of Cairn India Ltd with an "overweight" rating and a target price of 400 rupees, from a "neutral" rating with a 315 rupees target price as of October 2011.

Cairn offers high-margin production growth built around its key asset in the state of Rajasthan, but trades at a 50 percent discount to peers, the investment bank says.

Cairn India's shares are up 1.1 percent at 332 rupees at 1010 am.

(Reporting by Abhishek Vishnoi)

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First Published: Oct 21 2013 | 10:10 AM IST

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