Cairn India gains along with crude oil price

Cairn India rose 1.62% to Rs 372.50 at 11:14 IST on BSE as crude oil prices continue to hover at higher level amid escalating violence in Iraq, the second-largest OPEC producer.

Meanwhile, the BSE Sensex was down 7.95 points or 0.03% at 25,193.85.

On BSE, so far 62,000 shares were traded in the counter as against average daily volume of 2.38 lakh shares in the past one quarter.

The stock hit a high of Rs 373 and a low of Rs 365.10 so far during the day. The stock hit a 52-week high of Rs 385 on 10 June 2014. The stock hit a 52-week low of Rs 273.40 on 26 June 2013.

The stock had underperformed the market over the past one month till 19 June 2014, advancing 3.4% compared with the Sensex's 3.44% rise. The scrip had also underperformed the market in past one quarter, jumping 10.77% as against Sensex's 15.43% rise.

The large-cap company has equity capital of Rs 1910.90 crore. Face value per share is Rs 10.

Brent crude oil futures for August settlement were down 7 cents to $114.99 a barrel in electronic trade today, 20 June 2014. The contract had risen 80 cents or 0.7% to settle at $115.06 on the London-based ICE Futures Europe exchange on Thursday, 19 June 2014, its highest closing level since 6 September 2013.

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

United States said it could send military advisers to Iraq amid escalating violence in the OPEC producer.

Cairn India's consolidated net profit rose 18.4% to Rs 3035.44 crore on 15.7% growth in net sales to Rs 5048.89 crore in Q4 March 2014 over Q4 March 2013.

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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