Cairn India rose 1.74% to Rs 315.25 at 10:39 IST on BSE as US crude oil futures rose for a third straight day as speculation the Federal Reserve will maintain economic stimulus boosted the demand outlook in the world's biggest oil user.
Meanwhile, the S&P BSE Sensex was up 114.11 points or 0.62% at 18,633.55.
On BSE, 46,000 shares were traded in the counter as against average daily volume of 1.51 lakh shares in the past one quarter.
The stock hit a high of Rs 317.50 and a low of Rs 310.60 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 23 August 2013, rising 0.02% compared with the Sensex's 8.78% fall. The scrip had also outperformed the market in past one quarter, surging 11.34% as against Sensex's 5.87% 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 50 cents a barrel at $106.92 a barrel in the electronic trading today, 26 August 2013. The contract had surged $1.39 a barrel or 1.32% to settle at $106.42 a barrel on the New York Mercantile Exchange on Friday, 23 August 2013, its biggest gain since 9 August 2013. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India.
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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