CapitalMarket.com - Cairn India among top-50 m-cap luminaries
Hot Pursuit Tuesday, January 09, 2007 16:37 Hrs IST

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Cairn India among top-50 m-cap luminaries

A disappointing debut notwithstanding, Cairn India entered the league of top 50 Indian companies in terms of market capitalisation on Day 1.

The company’s market capitalisation at the end of today’s trading was Rs 24,273.01 crore, ranking 31st in terms of market capitalisation in India.

Cairn India has a large equity base of Rs 1765.31 crore, with parent Cairn Energy holding 67.6%.

The scrip settled at Rs 137.50 on BSE, a discount of 14% over the IPO price of Rs 160. The stock remained below the IPO price on BSE throughout the day, after a debut at Rs 140. The stock hit a low of Rs 128.65 and a high of Rs 155. The company’s weak debut was on account of concerns that its dispute with MRPL can delay crude oil sales from its Rajasthan fields, which have not started production as yet.

The volumes in Cairn India were large on the first day, with 3.26 crore and 6.7 crore shares changing hands on BSE and NSE, respectively. The combined volume on the two bourses was 10 crore. It accounted for 30.4% of 32.88 crore shares offered through the IPO, or 5.6% of Cairn India’s post-issue equity.

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