Jal Irani, Managing Director, Oil & Gas Research of Macquarie Group told CNBC-TV18, "On Cairn India we got a price target of closer to Rs 324 a share. Cairn is relatively a very pure oil play perhaps Asia’s purest oil play and most leverage to both oil prices and the currency depreciating, which is quite straight forward."
He further added, "More importantly, it has been allowed to explore in the extremely profillic Rajasthan Barmer region and it is adding two rigs every quarter, so that is actually far more important and far more significant especially in the longer term. Indeed Cairn India is a good company."
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