Cairn India rose 1.55% to Rs 355.95 at 11:53 IST on BSE as US crude oil futures climbed to a one-month high as a US government report showed that rising gasoline use reduced inventories of the fuel.
Meanwhile, the S&P BSE Sensex was up 66.84 points or 0.29% at 22,769.18.
On BSE, so far 85,000 shares were traded in the counter as against average daily volume of 1.26 lakh shares in the past one quarter.
The stock hit a high of Rs 358 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 350 so far during the day. The stock had hit a 52-week low of Rs 273.40 on 26 June 2013.
The stock had outperformed the market over the past one month till 9 April 2014, advancing 6.39% compared with the Sensex's 3.57% rise. The scrip had also outperformed the market in past one quarter, surging 8.1% as against Sensex's 9.6% rise.
The large-cap company has equity capital of Rs 1910.90 crore. Face value per share is Rs 10.
US crude oil futures for May 2014 delivery were down 24 cents a barrel at $103.36 a barrel in the electronic trading today, 10 April 2014. The contract had surged $1.04 a barrel or 1.01% to settle at $103.60 a barrel on the New York Mercantile Exchange on Wednesday, 9 April 2014, its highest closing level since 3 March 2014. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India.
Gasoline demand jumped to a three-month high in the four weeks ended April 4 as supplies dropped to the least since November, the Energy Information Administration (EIA) said.
Cairn India's consolidated net profit declined 13.8% to Rs 2884.04 crore on 16.9% growth in net sales to Rs 4999.98 crore in Q3 December 2013 over Q3 December 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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