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Cairn India shines after LIC ups its stake to over 5% via open market route

04 Jul 2012 Evaluate

Cairn India is currently trading at Rs. 315.55, up by 2.65 points or 0.85% from its previous closing of Rs. 312.90 on the BSE.

The scrip opened at Rs. 315.10 and has touched a high and low of Rs. 316.40 and Rs. 314.35 respectively. So far 138248 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. 328.60 and Rs. 302.10 respectively. The current market cap of the company is Rs. 59697.25 crore.

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

Life Insurance Corporation of India (LIC) has hiked its stake in Cairn India to over 5% through open market route. After the acquisition, LIC's shareholding in Cairn India has gone up to 5.03% from 4.99% previously. The price at which the open market purchases were executed by LIC is at 5% premium than the price at which UK-based oil and gas giant, Cairn Energy plc last week sold its 3.5% stake in Cairn India.

Cairn Energy Plc in the last week decided to divest further 67 million shares in the Indian arm at a price between Rs 307 and Rs 317, a discount to the stock’s closing price of Rs 327.50 per share on June 28, 2012.

Peers
Company Name CMP
ONGC 280.70
Oil India 449.80
Jindal Drilling&Inds 525.80
Deep Industries 456.75
Asian Energy Service 297.55
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