Cairn India rose 0.94% to Rs 326.75 at 15:12 IST on BSE as US crude oil futures surged amid escalating geopolitical tension between Ukraine and Russia.
Meanwhile, the S&P BSE Sensex was down 157.44 points or 0.75% at 20,962.68.
On BSE, so far 44,000 shares were traded in the counter as against average daily volume of 1.20 lakh shares in the past one quarter.
The stock hit a high of Rs 328.85 and a low of Rs 323.70 so far during the day. The stock had hit a 52-week high of Rs 338.55 on 5 September 2013. The stock had 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 28 February 2014, advancing 0.54% compared with the Sensex's 2.11% rise. The scrip had also underperformed the market in past one quarter, gaining 1.86% as against Sensex's 2.85% rise.
The large-cap company has equity capital of Rs 1910.90 crore. Face value per share is Rs 10.
US crude oil futures for April 2014 delivery were up $1.22 a barrel at $103.81 a barrel in the electronic trading today, 3 March 2014. The contract had gained 19 cents a barrel or 0.18% to settle at $102.59 a barrel on the New York Mercantile Exchange on Friday, 28 February 2014. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India.
The crisis in Ukraine has deteriorated as Russian President Vladimir Putin won parliamentary backing to send troops into its southern neighbor. Crimea, where Russian speakers comprise the majority, has become the focal point of Ukraine's crisis after an uprising that triggered last month's overthrow of President Viktor Yanukovych. Ukraine has put its forces on combat readiness and US President Barack Obama warned Russia not to intervene. Russian forces reportedly are now in complete control of the Crimean peninsula and the diplomatic situation is deteriorating with US and European allies vowing to isolate Russia and punish it for its actions.
The US, the UK and Canada are suspending preparations for a meeting of the Group of Eight industrial nations in Russia in June. Russia may lose its membership of the G-8, while the US is considering imposing sanctions, US Secretary of State John Kerry said on Sunday, 2 March 2014.
Cairn India's consolidated net profit declined 13.8% to Rs 2884.04 crore on 16.9% growth in net sales to Rs 4999.98 crore in Q3 December 2013 over Q3 December 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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