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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