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Cairn India rises on plan to invest $2 billion to increase output

26 Mar 2013 Evaluate

Cairn India is currently trading at Rs 278.90, up by 1.25 points or 0.45% from its previous closing of Rs 277.65 on the BSE.

The scrip opened at Rs 279.95 and has touched a high and low of Rs 281.00 and Rs 277.60 respectively. So far 57121 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 365.90 on 17-Sep-2012 and a 52 week low of Rs 275.55 on 22-Mar-2013.

Last one week high and low of the scrip stood at Rs 298.20 and Rs 275.55 respectively. The current market cap of the company is Rs 53199.74 crore.

The promoters holding in the company stood at 58.78% while Institutions and Non-Institutions held 25.46% and 15.76% respectively.

Cairn India is planning to invest $2 billion to raise output by 71% over the next few years. Currently, it is producing 175,000 barrels of oil per day from its blocks in Rajasthan state and its fields have the potential to support production of 300,000 barrels a day.

The state run firm has already spent $3.31 billion to boost production at oil fields and plans to spend more in the financial year that begins April 1. Recently, the explorer launched production at Aishwariya, the third-largest field in Rajasthan. Other fields operated by the Vedanta group company include the Mangala, Bhagyam and Saraswati fields.

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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