Meanwhile, the BSE Sensex was down 62.57 points, or 0.70%, to 8,892.29.

On BSE, 13,857 shares were traded in the counter. The stock had an average daily volume of 8.63 lakh shares in the past one quarter.

The stock hit a high of Rs 164.50 and a low of Rs 162.10 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 26 February 2009, gaining 6.90% as compared to the Sensex's return of 3.23%. It had also outperformed the market in the past one quarter, gaining 16.13% as compared to the Sensex's 0.80% fall.

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

The current price of Rs 163.60 discounts the company's Q4 December 2008 annualized EPS of Rs 0.95, by a PE multiple of 172.21.

The rise in crude oil prices would result in higher realizations from crude sales for the oil exploration firm. US light, sweet crude for April 2009 delivery surged $2.72 or 6.40% to $44.57 a barrel at New York Mercantile Exchange on Thursday, 26 February 2009 on signals that Organizations of Petroleum Exporting Countries (OPEC) may cut supplies further when it meets next month.

As per recent reports, Cairn India got the Rajasthan government's nod for completion of the remaining part of its 600-kilometre-plus crude oil pipeline from Barmer fields in the state to Salaya in coastal Gujarat.

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 reported a net profit of Rs 45.12 crore in Q4 December 2008 as compared to net loss of Rs 54.31 crore in Q4 December 2007. Total income surged 1555.1% to Rs 75.64 crore in Q4 December 2008 over Q4 December 2007.

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