- Cairn India drops along with crude oil price
Hot Pursuit Thursday, February 02, 2012 11:55 Hrs IST

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Cairn India drops along with crude oil price

Cairn India lost 2.55% to Rs 338 at 11:53 IST on BSE as crude oil prices fell for fifth straight day as US crude stockpiles increased more than estimated and gasoline use fell to a 10-year low.

Meanwhile, the BSE Sensex was up 128.57 points, or 0.74% to 17,429.15.

On BSE, 1.27 lakh shares were traded in the counter as against average daily volume of 6.68 lakh shares in the past one quarter.

The stock hit a high of Rs 349 and a low of Rs 336.10 so far during the day. The stock had hit a 52-week low of Rs 250 on 26 August 2011. The stock had hit a record high of Rs 372 on 5 April 2011.

The stock had underperformed the market over the past one month till 1 February 2012, rising 10.66% compared with the Sensex's return of 11.94%. The scrip had, however, outperformed the market in past one quarter, surging 15.95% as against Sensex's decline of 1.03%.

The large-cap oil exploration firm has equity capital of Rs 1903.28 crore. Face value per share is Rs 10.

Lower crude oil prices will result in lower realization from crude sales for oil exploration firms like Cairn India. Crude oil futures for March 2012 delivery were down 13 cents to $97.48 a barrel in Asian electronic trading today, 2 February 2012. The contract had lost 87 cents, or 0.88% to settle at $97.61 a barrel on the New York Mercantile Exchange on Wednesday, 1 February 2012, the lowest since 20 December 2011.

On a consolidated basis, Cairn India's net profit rose 12.5% to Rs 2261.93 crore on 12.1% growth in total income to Rs 3510.58 crore in Q3 December 2011 over Q3 December 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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