Cairn India rose 2.75% to Rs 116 at 9:57 IST on BSE after consolidated net profit fell 99.35% to Rs 8.69 crore on 44.53% decline in total income to Rs 2230.19 crore in Q3 December 2015 over Q3 December 2014.
The result was announced after market hours on Friday, 22 January 2016.Meanwhile, the S&P BSE Sensex was up 167.16 points or 0.68% at 24,602.82.
On BSE, so far 1.93 lakh shares were traded in the counter as against average daily volume of 2.70 lakh shares in the past one quarter. The stock hit a high of Rs 118.40 and a low of Rs 112.90 so far during the day. The stock had hit a 52-week high of Rs 262.50 on 16 February 2015. The stock had hit a 52-week low of Rs 106.60 on 19 January 2016. The stock had underperformed the market over the past one month till 22 January 2016, sliding 15.27% compared with Sensex's 4.51% fall. The scrip had also underperformed the market in past one quarter, declining 26.71% as against Sensex's 10.45% fall.
The large-cap oil and gas exploration and production company has equity capital of Rs 1874.86 crore. Face value per share is Rs 10.
Cairn India primarily attributed the drop in top line during the quarter to decline in crude prices.
With regard to its future business outlook, Cairn India said it maintains its view to ramp-up the investment as oil prices improve and costs bottom out. The company aims to have healthy cash flows post capex so as to retain the ability to pay dividends, Cairn India said in a statement.
Cairn India, a part of the Vedanta group, is one of the largest independent oil and gas exploration and production companies in India.
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