Meanwhile, the BSE Sensex was up 73.99 points, or 0.82%, to 9,078.07.

On BSE, 12,100 shares were traded in the counter. The stock had an average daily volume of 10.45 lakh shares in the past one quarter.

The stock hit a high of Rs 160 and a low of Rs 157.50 so far during the day. The stock hit a 52-week high of Rs 342.50 on 21 May 2008 and a 52-week low of Rs 88.15 on 27 October 2008.

The large-cap stock had outperformed the market over the past one month till 23 January 2009, falling 4.05% as compared to the Sensex's decline of 10.45%. It had also outperformed the market in the past one quarter, rising 2.43% as compared to the Sensex's decline of 11.23%.

The company's current equity is Rs 1896.67 crore. Face value per share is Rs 10.

The current price of Rs 157.50 discounts the company's Q3 September 2008 annualized EPS of Rs 1.72, by a PE multiple of 91.57.

US light, sweet crude for February 2009 delivery fell $4.15 or 9% to $41.58 a barrel on Tuesday, 27 January 2009 at New York Mercantile Exchange (NYMEX) after bleak economic data from top energy consumer the United States stirred demand concerns. A sharp fall in crude oil prices would result in lower realizations from crude sales for the oil exploration firm.

Earlier on 19 January 2009, Cairn had received government approval to develop three oil and gas discoveries in Kameshwari West and a new development area of 822 square kilometres in the northern appraisal area of Rajasthan blocks.

Cairn India on 22 December 2008 said it had made an oil and gas discovery near its existing field in Rajasthan. The company said the well had a flow of 500 barrels of oil per day and 0.4 million standard cubic feet of gas a day during a testing phase.

In November 2008, India's cabinet rejected an oil ministry proposal to award a deepwater block off the west coast to Cairn India, as the company had not offered the government an attractive enough share of potential production, or profit petroleum.

Cairn India will declare its Q4 results on 29 January 2009. The company reported a net profit of Rs 81.44 crore in Q3 September 2008 as against net loss of Rs 8.40 crore in Q3 September 2007. Total income surged 1258.1% to Rs 107.83 crore in Q3 September 2008 over Q3 September 2007.

Cairn India explores and produces crude oil and natural gas in India.