Religare's report on Cairn India
"CAIR’s Q2 adj. PAT at Rs 22.7bn (-16% QoQ) came in line with estimates. Highlights: (a) MBA avg. gross production/realisation at 163kbpd/US$ 91.5/bbl. (b) Target to achieve ~50% recoverability from MBA. (c) capex program on track with 11 new discoveries (3 in Q2) establishing 1.4bnboe of prospective resources. (d) Mangla EOR/ASP pilot on track. (e) O/C approval secured for ramping up Aishwarya to 30kbpoed. (f) Gas production to double by FY15-end. HOLD with a Dec’15 TP of Rs 325 (Rs 380 earlier)", says Religare Capital research report.
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