Cairn India gains along with crude oil price

On BSE, 91,000 shares were traded in the counter as against average daily volume of 1.89 lakh shares in the past one quarter.

The stock hit a high of Rs 298.80 and a low of Rs 291 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 5 July 2013, rising 0.9% compared with the Sensex's 0.37% fall. The scrip had, however, underperformed the market in past one quarter, rising 0.81% as against Sensex's 5.67% gain.

The large-cap company has equity capital of Rs 1910.30 crore. Face value per share is Rs 10.

US crude oil futures for August 2013 delivery were down 9 cents a barrel at $103.13 a barrel in the electronic trading today, 8 July 2013. The contract had surged $1.98 a barrel or 1.95% to settle at $103.22 a barrel on the New York Mercantile Exchange on Friday, 5 July 2013, its highest closing level since May 2012. Prices rose 6.9% last week, the most since February 2011. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India.

United States added more jobs than forecast in June. The non-farm payrolls increased by 195,000 in June and the unemployment rate held steady at 7.6% as more people entered the workforce. Job growth in previous months also was revised higher. United States is the world's biggest oil consumer.

Egypt's new leaders late on Saturday, 6 July 2013, said they hadn't named opposition figure Mohamed ElBaradei as Egypt's interim prime minister, underscoring political instability in the country. Egypt controls the key Suez Canal and an adjacent pipeline which is used to transport a significant amount of the region's oil trade. ElBaradei is a leader of secular groups that opposed Mohammed Morsi, who was ousted last week as Egypt's president in the wake of massive protests.

Cairn India's consolidated net profit rose 17.3% to Rs 2563.60 crore on 19.5% growth in net sales to Rs 4363.36 crore in Q4 March 2013 over Q4 March 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.