Cairn India inches up along with crude prices

Meanwhile, the BSE Sensex was down 14.70 points or 0.08% at 19,302.55.

On BSE, 2,498 shares were traded in the counter as against average daily volume of 4.91 lakh shares in the past one quarter.

The stock hit a high of Rs 325.95 and a low of Rs 324.55 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.

The stock had underperformed the market over the past one month till 14 December 2012, sliding 2.26% compared with the Sensex's 3.75% rise. The scrip had also underperformed the market in past one quarter, declining 8.4% as against Sensex's 4.62% 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 12 cents at $86.85 a barrel in electronic trading today, 17 December 2012. The contract had gained 84 cents a barrel or 0.97% to settle at $86.73 a barrel on the New York Mercantile Exchange on Friday, 14 December 2012. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India.

Industrial output in US climbed by the most in two years in November. Output at US factories, mines and utilities increased 1.1% last month after a revised 0.7% drop in October that was more than initially estimated. Manufacturing surged 1.1% in November, the most this year.

Growth in China's vast manufacturing sector picked up in December, a preliminary private survey showed, with rises in areas such as new orders and employment underlining a brighter outlook for the economy in coming months. The HSBC flash purchasing managers' index for December rose to 50.9, a 14-month high and the fifth straight monthly gain. A figure above 50 indicates that growth is accelerating, while one below 50 shows slowing growth.

Meanwhile, the Syrian fighter jets bombed a Palestinian camp in Damascus, reviving concern that unrest in the Middle East may spread to oil-producing countries.

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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