Cairn-Vedanta deal gets cabinet approval; Cairn up 3%

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Cairn-Vedanta deal has got cabinet's final approval, reports PTI.

Cairn India has posted a net profit of Rs 2262 crore for the December quarter, up.13%. year-on-year on the back of forex gains of Rs 626 crore.

Sales, however remained flat at Rs 3096 as realisations from its Rajasthan fields remained flat at a production rate of 125,000 barrel of oil per day (bopd) y-o-y.

However, the company expects to close fiscal 2011-12 at a production rate of 175,000 bopd, which sounds little bullish, say analysts but can be achieved if no roadblocks occur.

Cairn India touched an intraday high of Rs 366.80 and an intraday low of Rs 360. At 09:19 hrs the share was quoting at Rs 363, up Rs 11.25, or 3.20%.
 
It was trading with volumes of 100,358 shares. In the previous trading session, the share closed up 1.93% or Rs 6.65 at Rs 351.75.