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Cairn India surges on shares buy back plan

14 Jan 2014 Evaluate

Cairn India is currently trading at Rs. 331.30, up by 7.25 points or 2.24% from its previous closing of Rs. 324.05 on the BSE.

The scrip opened at Rs. 324.35 and has touched a high and low of Rs. 332.70 and Rs. 324.35 respectively. So far 110989 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 349.90 on 22-Jan-2013 and a 52 week low of Rs. 267.90 on 28-Mar-2013.

Last one week high and low of the scrip stood at Rs. 332.70 and Rs. 318.65 respectively. The current market cap of the company is Rs. 62811.30 crore.

The promoters holding in the company stood at 58.76% while Institutions and Non-Institutions held 26.67% and 14.57% respectively.

Cairn India is all set to start buying back shares from January 23 and the buyback will be open until July 22. In this regard, the exploration company will spend up to Rs 5,725 crore. The purchase may include a part of the 10.3% stake held by former promoter Cairn Energy Plc.

The company already received shareholder approval to buy 17.09 crore shares, or 8.9% of the equity, from the open market at not more than Rs 335 apiec.

After completion, Agarwal’s Vedanta Group ownership in Cairn India will rise to 64.53% from 58.76%.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. Average daily gross operated production was 205,014 boepd in Q3 FY2012-13. The company sells its oil to major refineries in India and its gas to both PSU and private buyers.

Peers
Company Name CMP
ONGC 243.70
Oil India 417.25
Jindal Drilling&Inds 602.15
Deep Industries 503.40
Asian Energy Service 363.00
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