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Markets » News » News
Reuters  July 10, 2012 Last Updated at 10:36 IST

Cairn India top pick in Asian oil E&P: Morgan Stanley

'High' production growth, increasing reserve base, 'strong' free cash flow are the reasons

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Read more on:    Morgan Stanley | Cairn India | special dividend
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Morgan Stanley resumes coverage on Cairn India with "overweight" rating and a target price of Rs 416.

The investment bank says Cairn also its "top pick" in the Asia exploration & production sector due to "high" production growth, increasing reserve base, "strong" free cash flow and as "key" gainer of weaker rupee.

Morgan Stanley says a special dividend "is a possibility" considering "large" amount of cash in the balance sheet.

Key risks include falling crude prices, geo-political risks and more potential stake sales from Cairn Energy .

Cairn shares last up 1.1 percent at Rs 312.20.

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Cairn India
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