Cairn India surged 4.26% to Rs 321.90 at 9:56 IST on BSE as US crude oil futures surged to the highest level since May 2011 on concern that conflict in Syria may spread to other parts of the Middle East and threaten oil supplies.
Meanwhile, the S&P BSE Sensex was down 275.31 points or 1.53% at 17,692.77.
On BSE, 1.84 lakh shares were traded in the counter as against average daily volume of 1.57 lakh shares in the past one quarter.
The stock hit a high of Rs 321.90 and a low of Rs 307.40 so far during the day. The stock had hit a 52-week high of Rs 365.90 on 17 September 2012. The stock had 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 27 August 2013, rising 1.66% compared with the Sensex's 9.01% fall. The scrip had also outperformed the market in past one quarter, jumping 7.99% as against Sensex's 10.3% fall.
The large-cap company has equity capital of Rs 1910.46 crore. Face value per share is Rs 10.
US crude oil futures for October 2013 delivery were up $2.67 a barrel at $111.68 a barrel in the electronic trading today, 28 August 2013. The contract had surged $3.09 a barrel or 2.91% to settle at $109.01 a barrel on the New York Mercantile Exchange on Tuesday, 27 August 2013, its highest closing level since 24 February 2013. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India.
The US, France and Britain stepped closer to a military strike against Syria, laying the legal groundwork to justify action after the nation allegedly used chemical weapons.
Cairn India's consolidated net profit fell 18.3% to Rs 3127.23 crore on 8.5% decline in net sales to Rs 4062.93 crore in Q1 June 2013 over Q1 June 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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