Moneycontrol
Jan 04, 2013 03:32 PM IST | Source: Moneycontrol.com

Cairn up 4% after exploration allows in producing field

Private oil & gas producer Cairn India rallied as much as 3.7 percent amid large volumes on Friday after Oil Minister M Veerappa Moily, in his first major decision, has allowed Reliance Industries and Cairn India to explore for oil and gas within the producing fields subject to certain conditions.

Cairn up 4% after exploration allows in producing field

Private oil & gas producer Cairn India rallied as much as 3.7 percent amid large volumes on Friday after Oil Minister M Veerappa Moily, in his first major decision, has allowed Reliance Industries and Cairn India to explore for oil and gas within the producing fields subject to certain conditions.


Oil Ministry has written to Directorate General of Hydrocarbons earlier this week on exploration.


At 15:25 hours IST, Cairn rose 2.9 percent to Rs 337.05 on the Bombay Stock Exchange. Trading volumes increased 90.52 percent to 5,79,235 equity shares as compared to its five day average of 304,027 shares.


Meanwhile, Reliance Industries was flat at around Rs 860 a share.


(With inputs from PTI)

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