Cairn India, Tata Steel shine in morning trade

Share prices of Cairn India Ltd (CIL) and Tata Steel witnessed positive momentum on the bourses today after both firms reported growth in their respective quarterly net profits.

Shares of CIL rose by 4.06% to touch an early high of Rs 351.85 on the BSE, while on the NSE, the stock went up by 4.05% to a high of Rs 351.80.

Cairn reported a 10-fold jump in quarterly net profit on the back of higher crude oil prices and consistent performance at the nation's biggest onshore oilfield in Rajasthan.

The company's consolidated net profit in the fourth quarter through March rose to Rs 2,457.79 crore from Rs 245.19 crore an year earlier.

Shares of Tata Steel rose by 3.25% to touch a high of Rs 579.80 on the BSE, while on the NSE, it gained 3.33% to touch an early peak of Rs 579.90.

Tata Steel reported a 71.61% increase in consolidated net profit to Rs 4,177.14 crore for the quarter ended March, 2011.

The company had recorded a Rs 2,434 crore net profit in the corresponding quarter last fiscal.

On the volume front, over 18 lakh shares of Cairn India were traded on the bourses in the morning today, while over 36 lakh shares of Tata Steel changed hands on the stock exchanges.

Meanwhile, the BSE benchmark Sensex was trading higher by 180.38 points at 18,027.62 at 1146 hours.