CapitalMarket.com - Cairn India rallies along with crude oil prices
Hot Pursuit Tuesday, October 25, 2011 15:00 Hrs IST

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Cairn India rallies along with crude oil prices

Cairn India rose 3.3% to Rs 300.25 at 14:58 IST on BSE as crude oil futures rose more than 4% on the New York Mercantile Exchange on Monday, 24 October 2011.

Meanwhile, the BSE Sensex was up 214.59 points, or 1.27% to 17,153.87.

On BSE, 1.22 lakh shares were traded in the counter as against average daily volume of 2.16 lakh shares in the past one quarter.

The stock hit a high of Rs 301 and a low of Rs 293 so far during the day. The stock had hit a record high of Rs 372 on 5 April 2011. The stock had hit a 52-week low of Rs 250 on 26 August 2011.

The large-cap stock had outperformed the market over the past one month till 24 October 2011, rising 4.85% compared with the Sensex's 4.81% return. The stock had, however, underperformed the market in past one quarter, declining 10.49% as against 9.52% decline in the Sensex.

The company has an equity capital of Rs 1902.66 crore. Face value per share is Rs 10.

Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms such as Cairn India. Crude oil futures for December delivery rose 4.4% or $3.87 a barrel to settle at $91.27 a barrel on the New York Mercantile Exchange on Monday, 24 October 2011.

Oil extended gains in Asian electronic trade today, 25 October 2011. The price was up $1.02, to $92.29 a barrel.

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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