Meanwhile, the BSE Sensex was up 155.62 points, or 0.93% to 16,960.95
Two bulk deals aggregating to 2.88 crore shares were executed on the Cairn India counter at an average price of Rs 325.95 per share at 09:17 IST on the BSE today, 7 December 2011.
On BSE, 2.90 crore shares were traded in the counter as against average daily volume of 2.04 lakh shares in the past one quarter.
The stock hit a high of Rs 329 and a low of Rs 323.50 so far during the day. The stock had hit a 52-week low of Rs 250 on 26 August 2011 and a record high of Rs 372 on 5 April 2011.
The large-cap stock outperformed the market over the past one month till 5 December 2011, rising 4.70% compared with Sensex's 4.31% decline. The scrip had also outperformed the market over the past one quarter, advancing 16.41% as against Sensex's 0.55% rise.
The company has an equity capital of Rs 1902.88 crore. Face value per share is Rs 10.
Reportedly the state-owned Oil and Natural Gas Corporation (ONGC) has given a no objection certificate (NOC) to British oil firm Cairn Energy's sale of a majority stake in its Indian unit to Vedanta Resources, paving the way for conclusion of the $8.71 billion deal in the next few days.
ONGC, which partners Cairn India in its crown jewel oilfields in Rajasthan and seven other properties in India, has waived its preemption rights over the deal and given a no-objection certificate, reports added.
In a press release issued during market hours today, 7 December 2011, Vedanta confirmed that it has satisfied the conditions under the sale and purchase agreement for the acquisition of a controlling stake in Cairn India. Cairn will now retain approximate 22% stake in Cairn India, the release said.
On a consolidated basis, Cairn India's net profit fell 51.9% to Rs 763.03 crore on 1.3% decline in net sales to Rs 2652.20 crore in Q2 September 2011 over Q2 September 2010.
Cairn India is engaged in oil and gas exploration, production and transportation. The company sells its oil to major refineries in India and its gas to both state run and private buyers.
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