SENSEX NIFTY
Dec 26, 2012, 03.26 PM IST | Source: Moneycontrol.com

Cairn rises over 1.5% on Religare buy report

Private oil & gas producer Cairn India gained more than 1.5 percent on Wednesday as Religare has a buy rating on the stock with a target price of Rs 400.

Private oil & gas producer Cairn India gained more than 1.5 percent on Wednesday as Religare has a buy rating on the stock with a target price of Rs 400.

Media reports indicate that the government has agreed in-principle to allow exploration in some fields beyond the stipulated date. "While a formal announcement is awaited, such a development would be a significant positive for all upstream companies," Religare said in its report.

Also Read
OilMin to seek legal opinion on RIL, Cairn pleas
Cairn India may revise production guidance in Jan 2013

On Monday, The Economic Times reported that the oil ministry has decided to allow Cairn India to further explore Rajasthan oil fields, a decision that could raise the block's output by over 70%. The decision will also intensify exploration activities in other producing fields operated by ONGC, GSPC and Reliance Industries, government officials said.

"Cairn, which produces 175,000 barrels of oil every day from oilfields in Rajasthan, has been unable to raise its output because of an earlier interpretation of the production-sharing contract (PSC) by the oil ministry that limited exploration activities to the first seven years after a contract is awarded," the report said.

At 15:21 hours IST, the stock rose 1.57 percent to Rs 320.05 on the Bombay Stock Exchange.

Cairn India stock price

On October 31, 2014, at 13:19 hrs Cairn India was quoting at Rs 284.60, up Rs 1.75, or 0.62 percent. The 52-week high of the share was Rs 385.00 and the 52-week low was Rs 272.65.


The company's trailing 12-month (TTM) EPS was at Rs 26.87 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 10.59. The latest book value of the company is Rs 206.66 per share. At current value, the price-to-book value of the company is 1.38.

READ MORE ON  Cairn India
Set email alert for

ADS BY GOOGLE

video of the day

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.