CapitalMarket.com - Cairn India runs out of fuel as crude drops
Hot Pursuit Friday, May 14, 2010 09:39 Hrs IST

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Cairn India runs out of fuel as crude drops

Cairn India declined 1.74% to Rs 296.85 at 9:37 IST on BSE, after crude oil prices declined nearly 2% on the New York Mercantile exchange on Thursday, 13 May 2010.

Meanwhile, the BSE Sensex was down 27.13 points, or 0.16% to 17,238.74.

On BSE, 33,035 shares were traded in the counter as against an average daily volume of 4.08 lakh shares in the past one quarter.

The stock hit a high of Rs 299.30 and a low of Rs 296 so far during the day. The stock had hit a 52-week high of Rs 321.30 on 3 May 2010 and a 52-week low of Rs 194.10 on 14 May 2009.

The large-cap stock had outperformed the market over the past one month till 13 May 2010, falling 0.28% as compared to the Sensex's 3.12% decline. It had also outperformed the market in the past one quarter, rising 14.87% as compared to the Sensex's return of 6.89%.

The company's equity capital is Rs 1897.17 crore. Face value per share is Rs 10.

Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms. Light, sweet crude oil dropped $1.25 or 1.65%, to $74.40 a barrel on Thursday, 13 May 2010 weighed down by economic concerns and rising US oil inventories.

Oil extended losses in Asian trade on Friday, 14 May 2010. It was down 63 cents or 0.85% at $73.77 a barrel.

Cairn India's consolidated net profit rose 23.1% to Rs 290.96 crore on 135% surge in net sales to Rs 495.46 crore in Q3 December 2009 over Q3 December 2008. The company will declare its Q4 & year ended March 2010 results on 27 May 2010.

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