Cairn India a top pick: Nipun Sharma

Cairn India is a top pick in the energy sector, says Nipun Sharma, Research Analyst, Mirae Asset Securities.

Sharma told CNBC-TV18, "Cairn India is our top pick in the energy sector in India. We have a target price of Rs 420. We think the royalty issue is overdone and we calculated a rock bottom valuation of Cairn at about Rs 340 and that is assuming Brent at a conservative USD 100 per barrel and royalties becoming cost recoverable. So I think at current valuation that