Cairn India trades higher on the bourses

Cairn India is currently trading at Rs. 344.60, up by 8.95 points or 2.67% from its previous closing of Rs. 335.65 on the BSE. The scrip opened at Rs. 338.55 and has touched a high and low of Rs. 346.85 and Rs. 338.55 respectively. So far 177022 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 371.65 on 17-Apr-2014 and a 52 week low of Rs. 273.40 on 26-Jun-2013. Last one week high and low of the scrip stood at Rs. 346.85 and Rs. 334.45 respectively. The current market cap of the company is Rs. 63975.70 crore. The promoters holding in the company stood at 58.85% while Institutions and Non-Institutions held 27.66% and 13.48% respectively. Cairn India is reportedly anticipating considerable gas output from its oil-rich Rajasthan block in coming three years. In this regard, the company has floated global tenders for setting up a natural gas transportation pipeline and a gas processing terminal. Rajasthan block has been known for its oil reserves, but it could produce significant amount of gas in the next two-three years. Further, the company is planning to set up a gas processing plant at its existing Raageshwari gas terminal for processing 100 to 300 million cubic feet gas per day. Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. The company posted a rise of 12.95% in its net profit for the period after giving impact of scheme of arrangement for earlier periods at Rs 1755.93 crore for the quarter ended March 31, 2014 as compared to Rs 1554.57 crore for the same quarter in the previous year.