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Cairn India inches up as crude scales 2-month high

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Cairn India rose 0.98% to Rs 333.40 at 10:49 IST on BSE as US crude oil futures climbed to their highest closing level in more than 2 months on the New York Mercantile Exchange on Tuesday, 7 August 2012.

Meanwhile, the BSE Sensex was up 33.54 points or 0.19% to 17,635.32.

On BSE, 68,000 shares were traded in the counter as against average daily volume of 11.92 lakh shares in the past one quarter.

The stock hit a high of Rs 333.95 and a low of Rs 330 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 7 August 2012, rising 4.73% compared with the Sensex's 0.46% rise. The scrip had, however, underperformed the market in past one quarter, rising 1.77% as against Sensex's 4.07% rise.

The large-cap oil exploration firm has equity capital of Rs 1907.91 crore. Face value per share is Rs 10.

US crude oil futures for September 2012 delivery were down 45 cents at $93.22 a barrel in electronic trading today, 8 August 2012. The contract gained $1.47 or 1.59% to settle at $93.67 a barrel on the New York Mercantile Exchange on Tuesday, 7 August 2012, its highest closing level since 15 May 2012. Higher crude oil prices will result in higher realization from crude sales for oil exploration firms such as Cairn India.

US crude inventories fell 5.4 million barrels last week, the American Petroleum Institute (API) data showed on Tuesday, 7 August 2012, a much bigger drop than expected.

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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First Published: Aug 08 2012 | 10:50 AM IST

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