Cairn India trades higher on the bourses

Cairn India Ltd. (Amalgamated) | Oil Exploration | Oil & Gas | BSE: 532792 | NSE: CAIRN

07 Aug 2014 Evaluate

Cairn India is currently trading at Rs. 317.05, up by 1.30 points or 0.41% from its previous closing of Rs. 315.75 on the BSE.

The scrip opened at Rs. 316.10 and has touched a high and low of Rs. 319.20 and Rs. 315.35 respectively. So far 51655 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 385.00 on 10-Jun-2014 and a 52 week low of Rs. 288.30 on 07-Aug-2013.

Last one week high and low of the scrip stood at Rs. 323.15 and Rs. 311.20 respectively. The current market cap of the company is Rs. 59524.48 crore.

The promoters holding in the company stood at 59.90% while Institutions and Non-Institutions held 26.63% and 13.47% respectively.

Cairn India is likely to get a 10-year extension for its license to explore and produce oil and gas from the prolific Rajasthan block. However, the company may have to pay more profit petroleum to the government to get a term beyond 2020.

A Committee headed by the Directorate General of Hydrocarbons (DGH) on policy for grant of extension to the Production Sharing Contracts (PSC) for small, medium-sized and discovered fields that were awarded to private firms in 1990s, has recommended a uniform 10-year extension but on revised terms and conditions. The current PSCs provide for a 5-year extension in case of an oil field and 10 years in case of gas discoveries.

The panel has recommended that contracts may be extended for 10 years for both oil and gas fields or the balance economic life of the field, whichever is earlier, but with revised terms and conditions. The Committee has also recommended a minimum 50% government share of profit petroleum from small fields and 60% in case of medium-sized fields. At present, the government's profit petroleum ranges from 25 to 60%. In case of Cairn's Rajasthan block, it is 50%.

Cairn India Share Price

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Peers

Company Name	CMP
ONGC	279.25
Oil India	454.40
Jindal Drilling&Inds	535.85
Deep Industries	457.70
Asian Energy Service	297.85
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