Cairn India soars on inviting global expression of interest for SPM

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

11 Jun 2012 Evaluate

Cairn India is currently trading at Rs. 327.65, up by 3.60 points or 1.11% from its previous closing of Rs. 324.05 on the BSE.

The scrip opened at Rs. 327.00 and has touched a high and low of Rs. 331.00 and Rs. 327.00 respectively. So far 30759 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 400.95 on 22-Feb-2012 and a 52 week low of Rs. 250.00 on 26-Aug-2011.

Last one week high and low of the scrip stood at Rs. 332.00 and Rs. 296.10 respectively. The current market cap of the company is Rs. 62510.35 crore.

The promoters holding in the company stood at 58.86% while Institutions and Non-Institutions held 14.36% and 26.78% respectively.

Cairn India, even before completing its Rs 5500 crore worth ambitious crude pipeline project, has invited global expression of interest (EOI) for single-point mooring (SPM) near Bhogat, as mentioned in some media report.

Earlier, Cairn India was forced to suspend its work on 74-km Salaya-Bhogat stretch of the planned crude pipeline in Jamnagar, following protest by locals and also as it lacked the `Right of Usage', which is necessary for carrying out work over land owned and occupied by local owners. The company has informed its contractor L&T to suspend work on the project and close its camp at Khambhaliya.

Cairn, which currently produces close to 175,000 barrels of oil per day (BoPD) from its three oil fields in Rajasthan, desperately required the pipeline to discharge production and supply it to refineries. However, once the Salaya-Bhogat stretch of the pipeline is completed, crude from the Rajasthan oil fields could be supplied to all the coastal refineries, reducing the heavy import bill to that extend.

Cairn India Share Price

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Peers

Company Name	CMP
ONGC	294.00
Oil India	477.20
Jindal Drilling&Inds	537.00
Deep Industries	482.40
Asian Energy Service	317.10
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