Cairn India up on buyback proposal, crude gains

Reuters Market Eye - Stocks in Cairn India surges 3 percent after the oil explorer said its board would meet on Tuesday to consider a proposal to buy back shares.

Shares also gained as Brent crude jumped $2 to end at its highest in more than a month on Thursday, fuelled by a sharp run-up in gasoline and gas oil prices on news of dwindling stocks and refinery glitches in the United States and Europe.

Higher crude oil prices help increase realisations at oil exploration firms such as Cairn India, which sells crude in dollars. The rupee also weakened, heading for a third consecutive session of falls against the dollar.

 

(Reporting by Abhishek Vishnoi)