Rajesh Agarwal of Eastern Financiers told CNBC-TV18, "We have a buy call on Cairn India for a longer term horizon because as we know that the valuations are attractive. The balance sheet is strong and it has huge cash and investments on their books. It is ramping up their capacity to around three lakh barrels per day. Even the numbers which came in last week were quite impressive."
"We think that is one of the best plays for crude oil. Although the stock has underperformed the market for the last few quarters but I think on valuation parameters, I think it is one of the best plays and one can hold with a price target of Rs 385 in the long-term," he added.
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