Cairn India rose 2.53% to Rs. 323.75 at 12:05 IST on BSE as US crude oil futures for February 2012 delivery jumped 6.6% last week as US economic reports signaled that growth in the world's biggest crude-consuming country will accelerate.
Meanwhile, the BSE Sensex was up 186.66 points, or 1.19% to 15,925.36.
On BSE, 79,000 shares were traded in the counter as against average daily volume of 6.73 lakh shares in the past one quarter.
The stock hit a high of Rs. 324.50 and a low of Rs. 315.65 so far during the day. The stock had hit a 52-week low of Rs. 250 on 26 August 2011. The stock had hit a record high of Rs. 372 on 5 April 2011.
The large-cap stock had outperformed the market over the past one month till 23 December 2011, gaining 7.03% compared with the Sensex's 0.25% rise. The scrip had also outperformed the market in past one quarter, surging 13.91% as against 2.62% fall in the Sensex.
The company has an equity capital of Rs. 1902.93 crore. Face value per share is Rs. 10.
Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms such as Cairn India. US crude oil futures for February 2012 delivery jumped 6.6% last week to settle at $99.68 a barrel on Friday 23 December 2011 on the New York Mercantile Exchange, the highest settlement since 13 December 2011.
On a consolidated basis, Cairn India's net profit fell 51.9% to Rs. 763.03 crore on 1.3% decline in net sales to Rs. 2652.20 crore in Q2 September 2011 over Q2 September 2010.
Cairn India is engaged in oil and gas exploration, production and transportation. The company sells its oil to major refineries in India and its gas to both state run and private buyers.
