Cairn India gains after surge in crude oil prices

Cairn India rose 0.47% to Rs 223.30 at 11:45 IST on BSE as crude oil prices surged.

Meanwhile, the S&P BSE Sensex was down 262.47 points or 0.93% at 27,840.41.

On BSE, so far 70,519 shares were traded in the counter as against average daily volume of 2.6 lakh shares in the past one quarter.

The stock hit a high of Rs 225.90 and a low of Rs 223 so far during the day. The stock had hit a 52-week high of Rs 385 on 11 June 2014. The stock had hit a 52-week low of Rs 215.30 on 16 March 2015.

The stock had underperformed the market over the past one month till 25 March 2015, falling 8.93% compared with the Sensex's 3.09% fall. The scrip had also underperformed the market in past one quarter, dropping 7.89% as against Sensex's 3.32% rise.

The large-cap oil exploration firm has equity capital of Rs 1874.85 crore. Face value per share is Rs 10.

Brent crude oil futures rose amid concern over the worsening geopolitical situation in the Middle East after Saudi Arabia said it and its allies had launched airstrikes on rebel forces in Yemen dampened sentiment on domestic bourses. Brent for May settlement was up $1.64 a barrel at $58.12 a barrel. The contract had gained $1.37 a barrel or 2.48% to settle at $56.48 a barrel during the previous trading session.

Higher crude oil prices would result in higher realizations from crude sales for oil exploration firms like Cairn India.

Cairn India's consolidated net profit dropped 53.2% to Rs 1349.64 crore on 19.8% fall in total income to Rs 4020.57 crore in Q3 December 2014 over Q3 December 2013.

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