Cairn India drops along with crude oil price

Cairn India lost 0.8% to Rs 309.40 at 11:39 IST on BSE as US crude oil futures traded at the lowest level in more than a week after US government data showed US stockpiles climbed to the highest level in 82 years.

Meanwhile, the S&P BSE Sensex was up 213.36 points or 1.09% at 19,717.54.

On BSE, 68,000 shares were traded in the counter as against average daily volume of 2.95 lakh shares in the past one quarter.

The stock hit a high of Rs 311 and a low of Rs 307.75 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 30 April 2013, surging 14.61% compared with the Sensex's 3.55% rise. The scrip had, however, underperformed the market in past one quarter, declining 4.05% as against Sensex's 2.5% fall.

The large-cap company has equity capital of Rs 1910.26 crore. Face value per share is Rs 10.

US crude oil futures for June 2013 delivery were down 10 cents a barrel at $90.93 a barrel in the electronic trading today, 2 May 2013. The contract had tumbled $2.43 a barrel or 2.6% to settle at $91.03 a barrel on the New York Mercantile Exchange on Wednesday, 1 May 2013, the biggest drop since 15 April 2013 and the lowest closing price since 23 April 2013. Lower crude oil prices will result in lower realizations from crude sales for oil exploration firms like Cairn India.

US crude supplies increased 6.7 million barrels last week to 395.2 million barrels, figures from the US Energy Information Administration showed. United States is the world's biggest crude oil consumer.

Cairn India's consolidated net profit rose 17.3% to Rs 2563.60 crore on 19.5% growth in net sales to Rs 4363.36 crore in Q4 March 2013 over Q4 March 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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