Cairn India lost 2.55% to Rs 315.90 at 12:28 IST on BSE as the stock turned ex-dividend today, 25 October 2013, for interim dividend of Rs 6 per share for the year ending 31 March 2014.
Meanwhile, the S&P BSE Sensex was down 43.27 points or 0.21% at 20,682.16.
On BSE, 1.09 lakh shares were traded in the counter as against average daily volume of 1.94 lakh shares in the past one quarter.
The stock hit a high of Rs 320.90 and a low of Rs 315.70 so far during the day. The stock had hit a 52-week low of Rs 267.90 on 28 March 2013. The stock had hit a 52-week high of Rs 349.90 on 22 January 2013.
The stock had underperformed the market over the past one month till 24 October 2013, rising 1.89% compared with Sensex's 4.04% gain. The scrip had, however, outperformed the market over the past one quarter, advancing 5.29% as against Sensex's 3.16% rise.
The large-cap company has equity capital of Rs 1910.59 crore. Face value per share is Rs 10.
Before turning ex-dividend, the stock offered a dividend yield of 1.85% based on the closing price of Rs 324.15 on Thursday, 24 October 2013.
Cairn India after market hours on Tuesday, 22 October 2013, said its consolidated net profit jumped 46% to Rs 3385 crore on 5% growth in revenue to Rs 4650 crore in Q2 September 2013 over Q2 September 2012. Cairn India reports revenues post profit-sharing with the government in all blocks in addition to royalty in the Rajasthan block. Cairn India's earinings before interest, taxation, deprecation and amortization (EBITDA) rose 9% to Rs 3619 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.
With regard to its future business outlook, Cairn India said that the company remains on track for its FY 2014 exit gross production target of over 225,000 boepd including over 200,000 boepd from the Rajasthan block. Several high impact exploration wells are planned to be drilled over the next two quarters in the Rajasthan block to help in realizing the objective of drilling out 50% of the 530 million barrels of gross recoverable risked prospective resources by end of FY 2014, the company said. The company's aggressive exploration and development drilling programme is set to continue with more than 450 exploration, appraisal and development wells planned over the three year period till FY 2015-16, including 100 E&A wells to be drilled in the Rajasthan block, it added.
Cairn India's robust financial performance with strong revenues and profits has resulted in the company being well placed to not only develop the current asset base and deliver on the active exploration growth program with its US$3bn capex plan till FY 2015-16, but also opened up inorganic growth opportunities to further strengthen the E&P portfolio, the company said in a statement.
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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