Cairn India gains over 4% in two sessions

Cairn India rose 1.24% to Rs 331 at 10:59 IST on BSE, extending Friday's 3.09% rise triggered by the company's plan to buyback equity shares.

The announcement was made before trading hours on Friday, 22 November 2013. The stock rose 3.09% to Rs 326.95 on that day. It has risen 4.37% in two consecutive sessions from Rs 317.15 on 21 November 2013.

Meanwhile, the BSE Sensex was up 278.57 points, or 1.38%, to 20,495.96.

On BSE, 79,000 shares were traded in the counter compared with average volume of 1.95 lakh shares in the past one quarter.

The stock hit a high of Rs 331.85 and a low of Rs 328.45 so far during the day. The stock hit a 52-week high of Rs 349.90 on 22 January 2013. The stock hit a 52-week low of Rs 267.90 on 28 March 2013.

The stock had outperformed the market over the past one month till 22 November 2013, falling 1.68% compared with the Sensex's 3.10% fall. The scrip had also underperformed the market in past one quarter, rising 4.89% as against Sensex's 10.40% rise.

The large-cap company has an equity capital of Rs 1910.69 crore. Face value per share is Rs 10.

Cairn India's board will meet on Tuesday, 26 November 2013, to consider a proposal for buyback of equity shares of the company.

Cairn India's consolidated net profit jumped 45.8% to Rs 3385.08 crore on 4.7% growth in net sales to Rs 4649.91 crore in Q2 September 2013 over Q2 September 2012.

The company reported foreign exchange fluctuation gain of Rs 429.16 crore in Q2 September 2013, as against foreign exchange fluctuation loss of Rs 785.81 crore in Q2 September 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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