Cairn India jumps 9%, m-cap rises by Rs 2,887 cr post Q1

Cairn India's scrip today zoomed nearly 9 per cent even as the company reported 28 per cent fall in June quarter net profit.
After a positive opening, the stock stayed with the momentum and surged 12.34 per cent to Rs 198.40 -- its 52-week high -- in intra-day trade on BSE. It ended at Rs 192, up 8.72 per cent.
On NSE, shares of the company jumped 8.51 per cent to close at Rs 191.90.
The company's market valuation rose Rs 2,887.36 crore to Rs 35,997.36 crore.
In terms of volume, 23.60 lakh shares of the company were traded on BSE and over 1 crore changed hands at NSE during the day.

Analysts said the rise in net profit on a quarterly basis may have fuelled the rally in the scrip.

Cairn India yesterday reported a 28 per cent fall in June quarter net profit as drop in oil prices wiped off gains made from operational efficiency and cost-cutting measures.
Net profit in April-June at Rs 360 crore, or Rs 6.73 a share, was 28 per cent lower than Rs 501 crore, or Rs 9.10 a share, in the same period a year ago, the company had said in a statement.
Revenues dipped to Rs 1,885 crore in the June quarter, from Rs 2,627 crore a year ago, as oil prices slumped 32 per cent to USD 38 per barrel.

Quarter-on-quarter net profit rose 88 per cent as Cairn reduced cost by 10 per cent. Its enhanced oil recovery (EOR) project on Mangala oil field, the largest on its flagship Rajasthan block, achieved 20 per cent less operating cost at USD 10 per barrel.