Buy Cairn India at Rs 145: N Pillai

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Buy Cairn India at Rs 145: N Pillai

Neppolian Pillai of Modern Shares & Stock Brokers is of the view that one can buy Cairn India at Rs 145. If crude does eventually go up there, Cairn should benefit, so Rs 266 will be the upside target today because crude was little bit soft yesterday.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS Cairn India leads gainers on Nifty Cairn may sell legacy holding in Videocon Ind, stk gains Cairn hopes to produce 16% more oil from Rajasthan fields Cairn Plc's H1 CY08 PAT at $375.3 m ALSO READ See previous views by Neppolian Pillai See what other Experts & Brokerages are saying about Cairn India See messages about Cairn India Cairn India BSE | NSE 28/05/12 Are Mutual Funds betting on Cairn India?

Neppolian Pillai of Modern Shares & Stock Brokers is of the view that one can buy Cairn India at Rs 145.

Pillai told CNBC-TV18, "When crude was at about USD 111-112/bbl, we did recommend our clients to get into Cairn India at around Rs 235-236 level for a target of Rs 256-266. Yesterday it came almost up to Rs 254. My belief on crude is that I do not think it is going below USD 108/bbl. If there is one commodity in the world, which has a chance to go up and make a new high that will be crude. On the upside I think USD 125-132/bbl is the band we are looking at. So if crude does eventually go up there, Cairn should benefit, so Rs 266 will be the upside target today because crude was little bit soft yesterday. If it comes to around Rs 245 again it is a buy."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.