Cairn India gains on report of striking oil reserves
The stock was up 1% at Rs 323 on the National Stock Exchange.
Cairn India is trading higher by 1% at Rs 323 in early morning deals on the NSE on media reports that the company has struck significant oil reserves in its Krishna-Godavari (KG) Basin onshore field KG-ONN-2003/1.
“We await clarity by management on capex, estimated timelines, reserves etc for this discovery and till then maintain our estimates and Buy rating on the stock with a target price of Rs 380”, says analyst at Angel Broking in a client note.
The stock opened at Rs 321 and has seen a combined around 35,000 shares changing hands on the counter on the NSE and BSE.
“We await clarity by management on capex, estimated timelines, reserves etc for this discovery and till then maintain our estimates and Buy rating on the stock with a target price of Rs 380”, says analyst at Angel Broking in a client note.
The stock opened at Rs 321 and has seen a combined around 35,000 shares changing hands on the counter on the NSE and BSE.