Cairn India hits record high after jump in crude oil prices

Cairn India rose 0.31% to Rs 244.80 at 12:15 IST on BSE after crude oil prices jumped yesterday, 25 February 2015.

Meanwhile, the S&P BSE Sensex was down 97.02 points or 0.32% at 28,916.22.

On BSE, so far 20,336 shares were traded in the counter as against average daily volume of 2.65 lakh shares in the past quarter.

The stock hit a high of Rs 409.90, also a record high for the stock. The stock hit low of Rs 401 so far during the day. The stock had hit a 52-week low of Rs 228.40 on 17 December 2014.

The stock had underperformed the market over the past one month till 25 February 2015, falling 1.47% compared with 0.93% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 9.78% as against Sensex's 2.36% rise.

The large-cap oil exploration firm has equity capital of Rs 1874.83 crore. Face value per share is Rs 10.

Brent crude oil futures edged lower after yesterday's rally triggered weakness in dollar and comments from Saudi Arabia's oil minister Ali Al-Naimi that oil demand is growing. Brent for April settlement was off 4 cents at $61.59 a barrel. The contract had jumped $2.97 a barrel or 5.06% to settle at $61.63 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 fell 53.2% to Rs 1349.64 crore on 19.8% to Rs 4020.57 crore in Q3 December 2014 over Q3 December 2013.

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