Business Standard

Cairn India up 3% on UBS upgrade, oil price rise

Related News

Shares of oil explorer rose 3.8% to Rs 353.90, tracking gains in crude oil prices and after UBS upgraded the stock to "buy" from "neutral" and raised its to Rs 400 from Rs 375.

UBS said Cairn was a good proxy to play the rising crude prices and the weakening rupee, while saying it expected a "healthy" dividend from the unit of UK-based explorer Cairn Energy sometime in the next three months.

Cairn was also "likely" to announce "positive" updates in the next six months about reserves at the Rajasthan block, as well as possibly from its Sri Lanka reserves, the investment bank added.

Despite a recently proposed hike in oil production taxes from the Indian government, UBS upgraded Cairn's fiscal 2013-14 earnings-per-share by 3-4%.

Cairn shares dropped 9.5% in March, dragged down by profit worries after the announced cess hike , under-performing a 1.7% fall last month in the broader Nifty index.

Read more on:   
|
|
|
|

Read More

Credit ratings fell the most in three years: CRISIL

According to CRISIL, the Indian arm of Standard & Poor which rates over 9,000 issuers in India, credit ratings have fallen the most in three ...

Quick Links

 

Market News

Vikas GlobalOne surges 19% on bonus issue plan

The board will meet on September 17, to consider issue bonus shares to the equity shareholders of the company.

Refined soya oil moves up 0.9% on strong demand

Analysts said fresh positions built-up by speculators on the back of strong demand in spot markets against tight supplies from producing ...

Chana down 0.5% on supply pressure

Commodity for delivery in September moved down by 0.42%

Hero MotoCorp hits record high on strong Aug sales

The company reported 21% rise in its total sales during August 2014 at 5,58,609 units

Palm oil up 0.6% on spot demand

Oil for delivery in October edged higher by 0.59%

Back to Top