Cairn India has short term target of Rs 270: Agarwal

Shubham Agarwal of Motilal Oswal Securities is of the view that, Cairn India may hit target of Rs 270 in the short term.

Agarwal told CNBC-TV18, "We are looking to go short on Cairn India. The stock has already broken down below its important support level of Rs 302. We expect a short-term target of Cairn India around Rs 270. So another 15-20 days is what we expect the stock can keep sliding lower, with a stop loss of Rs 315. I think Rs 270 is something that can be achieved in a short run." The company's trailing 12-month (TTM) EPS was at Rs -1.12 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was -. The latest book value of the company is Rs 167.13 per share. At current value, the price-to-book value of the company was 1.82. Disclosure: I don’t have any personal holdings, but we might have recommended some of the stocks to our clients.