Cairn shares erase early losses, settle in green

Reversing all its early losses, Cairn India stock ended the day nearly 3 per cent higher on value-buying at lower levels in an overall strong stock market.
Intra-day, after falling 3.65 per cent to Rs 156.80 -- its 52-week low -- on BSE, the stock reversed the losses and ended at Rs 166.95, up 2.58 per cent.
On NSE, shares of the company settled with a gain of 2.7 per cent at Rs 166.95.
In terms of volume, 6 lakh shares of the company changed hands at BSE and over 45 lakh at NSE during the day.
Cairn India, the operator of nation's biggest onshore oilfield, yesterday reported a 24 per cent drop in June quarter net profit due to a slide in international oil prices.

Net profit in April-June at Rs 835 crore, or Rs 8.36 per share, was 24 per cent lower than Rs 1,093 crore, or Rs 18.17 a share, in the same period a year ago, the company had said in a statement.

Turnover fell 41 per cent to Rs 2,627 crore.
Cairn got USD 56 per barrel for oil it sold in the first quarter of the current fiscal, 42 per cent lower than USD 97 a barrel realisation in the year-ago period.
Oil production from its prime Rajasthan block was 6 per cent down at 1,72,224 barrels per day.
Meanwhile, in the broader market, the BSE benchmark Sensex ended at 28,504.93, up 322.79 points.