Cairn India drops along with crude oil price

Cairn India lost 2.41% to Rs 324 at 14:16 IST on BSE as US crude oil futures fell for a second straight day on easing concerns over US attack on Syria, damping speculation that conflict will threaten Middle East oil supplies.

Meanwhile, the S&P BSE Sensex was up 651.98 points or 3.38% at 19,921.94.

On BSE, 3.34 lakh shares were traded in the counter as against average daily volume of 1.78 lakh shares in the past one quarter.

The stock hit a high of Rs 335.90 and a low of Rs 322.75 so far during the day. The stock had hit a 52-week low of Rs 267.90 on 28 March 2013. The stock had hit a 52-week high of Rs 365.90 on 17 September 2012.

The stock had outperformed the market over the past one month till 6 September 2013, surging 14.56% compared with the Sensex's 2.87% rise. The scrip had also outperformed the market in past one quarter, jumping 15.26% as against Sensex's 1.28% fall.

The large-cap company has equity capital of Rs 1910.48 crore. Face value per share is Rs 10.

US crude oil futures for October 2013 delivery were down 92 cents a barrel at $108.60 a barrel in the electronic trading today, 10 September 2013. The contract had fallen $1.01 a barrel or 0.91% to settle at $109.52 a barrel on the New York Mercantile Exchange on Monday, 9 September 2013, dropping from the highest close in more than two years. Lower crude oil prices will result in lower realizations from crude sales for oil exploration firms like Cairn India.

United States President Barack Obama said in an interview with NBC News that Russia's proposal is a "potentially positive development", adding that he wasn't confident of getting congressional approval for military action against Syria for its alleged use of chemical weapons.

Cairn India's consolidated net profit fell 18.3% to Rs 3127.23 crore on 8.5% decline in net sales to Rs 4062.93 crore in Q1 June 2013 over Q1 June 2012.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. The company sells its oil to major refineries in India and its gas to both public sector units and private buyers.

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