 "Cairn India extends gain as oil surges from five-year low")
Shares of Cairn India has moved higher by 3% to Rs 248, extending its 4% gain in past two trading sessions on BSE, after crude prices surged from the lowest closing levels.
The stock opened at Rs 242 and hit a high of Rs 249 on BSE so far. Till 1315 hours, a combined around two million shares changed hands on the counter on BSE and NSE.
Shares of oil exploration and production firm had hit a five-year low of Rs 228 during intra-day trade on December 17, 2014, after crude oil fell below $59 a barrel for the first time since May 2009.
Oil prices rose in Asia today, extending a sharp rebound at the end of last week, with analysts predicting the sector has bottomed out after plunging almost 50% since June, AFP/PTI report suggests.
US benchmark West Texas Intermediate (WTI) for February delivery rose 58 cents to $57.71 while Brent crude for February gained 79 cents to $62.17 in late-morning trade.
Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India.
The stock opened at Rs 242 and hit a high of Rs 249 on BSE so far. Till 1315 hours, a combined around two million shares changed hands on the counter on BSE and NSE.
Shares of oil exploration and production firm had hit a five-year low of Rs 228 during intra-day trade on December 17, 2014, after crude oil fell below $59 a barrel for the first time since May 2009.
Oil prices rose in Asia today, extending a sharp rebound at the end of last week, with analysts predicting the sector has bottomed out after plunging almost 50% since June, AFP/PTI report suggests.
US benchmark West Texas Intermediate (WTI) for February delivery rose 58 cents to $57.71 while Brent crude for February gained 79 cents to $62.17 in late-morning trade.
Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India.