Cairn India gains as crude advances for 3rd straight day
Meanwhile, the BSE Sensex was up 59.39 points or 0.31% to 19,303.81.
On BSE, 11,000 shares were traded in the counter as against average daily volume of 4.98 lakh shares in the past one quarter.
The stock hit a high of Rs 327.40 and a low of Rs 325.45 so far during the day. The stock had hit a record high of Rs 400.95 on 22 February 2012. The stock had hit a 52-week low of Rs 290.25 on 19 December 2011.
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The stock had underperformed the market over the past one month till 17 December 2012, declining 1.74% compared with the Sensex's 5.11% rise. The scrip had also underperformed the market in past one quarter, sliding 10.23% as against Sensex's 3.79% gain.
The large-cap company has equity capital of Rs 1909.87 crore. Face value per share is Rs 10.
US crude oil futures for January 2013 delivery were up 67 cents at $87.87 a barrel in electronic trading today, 18 December 2012. The contract had gained 47 cents a barrel or 0.54% to settle at $87.20 a barrel on the New York Mercantile Exchange on Monday, 17 December 2012, its highest closing level since 5 December 2012. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India.
US President Barack Obama made a new budget offer on Monday, 17 December 2012, after House Speaker John Boehner dropped his opposition to raising tax rates for some top earners. Obama and Boehner are negotiating to avert more than $600 billion in tax increases and spending cuts set to start in January 2013 that threaten to derail the economic recovery.
The US fiscal cliff refers to the year-end deadline for the expiration of hundreds of billions of dollars worth of tax cuts and the triggering of $109 billion in across-the-board spending cuts, if the US Congress fails to act. The US Congress created the hazardous deadline of 31 December 2012 in August 2011 when it agreed to a deficit deal as a way out of a deadlock over raising the US debt ceiling. The Congressional Budget Office has estimated the US economy would drop into a recession in the first half of the new year if a deal is not reached.
Cairn India's consolidated net profit jumped 204.3% to Rs 2322.18 crore on 67.5% growth in net sales to Rs 4443.14 crore in Q2 September 2012 over Q2 September 2011.
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 PSU and private buyers.
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