Cairn India advances on receiving nod for undertaking drilling works in KG-Basin

18 Jan 2017 Evaluate

Cairn India is currently trading at Rs. 266.35, up by 4.40 points or 1.68% from its previous closing of Rs. 261.95 on the BSE.

The scrip opened at Rs. 262.05 and has touched a high and low of Rs. 266.50 and Rs. 262.05 respectively. So far 6,840 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 269.20 on 13-Dec-2016 and a 52 week low of Rs. 106.60 on 19-Jan-2016.

Last one week high and low of the scrip stood at Rs. 269.00 and Rs. 260.90 respectively. The current market cap of the company is Rs. 50,001.00 crore.

The promoters holding in the company stood at 59.85%, while Institutions and Non-Institutions held 26.73% and 13.42% respectively.

Cairn India has received an approval for undertaking drilling works of 64 exploratory and appraisal wells in KG-OSN-2009/3 block in KG basin at Prakasam and Guntur districts of Andhra Pradesh. A committee under the Ministry of Environment, Forests and Climate Change has given a green signal to the company for the same.

The Expert Appraisal Committee (EAC) while according to environmental clearance set a few conditions along with other specific and general environmental conditions relevant to the project proposal. The company has proposed for drilling of 55 exploratory and 11 appraisal wells in KG-OSN-2009/3 block in Offshore KG Basin. The offshore block in the Bay of Bengal along the coast of Andhra Pradesh is spread over an area of about 1988 km.

Cairn India is one of the largest independent oil and gas exploration and production companies in India.

Company Name CMP
ONGC 143.75
Oil India 212.15
Jindal Drilling&Inds 311.25
Asian Energy Service 80.65
Hind Oil Exploration 143.65
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