BS:Cairn India gains on higher crude oil price, weak rupee
Cairn India has moved higher by 2.5% at Rs 328, bouncing back 3.5% from intra-day’s low, on rise in crude oil prices in international market and fall in rupee.
The stock opened at Rs 323 and hit a low of Rs 317 on BSE. A combined 2.9 million shares change hands on the counter till 1450 hours on BSE and NSE.
Increase in crude oil prices is always beneficial for oil exploration companies to get higher realisation from crude sales.
Brent crude oil prices touched USD 115 a barrel intraday, while Indian rupee touched breached 68 mark against the US dollar today. The partially convertible rupee had closed at 66 per dollar on Monday.
Meanwhile, the state-owned oil marketing companies such as BPCL, HPCL and IOC are down between 1-5% on concerns over higher under recoveries due to rising crude and weakening rupee.
