Meanwhile, the BSE Sensex was up 53.63 points, or 0.31%, to 18,752.12.

On BSE, 2.77 lakh shares were traded in the counter as against an average daily volume of 50.54 lakh shares in the past one quarter.

The stock hit a high of Rs 313 and a low of Rs 306 so far during the day. The stock had hit a record high of Rs 372 on 5 April 2011. The stock had hit a 52-week low of Rs 285 on 26 November 2010.

The stock had underperformed the market over the past one month until 29 June 2011, sliding 11.85% compared with the Sensex's 2.34% rise. The scrip had also underperformed the market in past one quarter, tumbling 13.25% as against 2.23% decline in the Sensex.

The large-cap private sector oil explorer has an equity capital of Rs 1902.21 crore. Face value per share is Rs 10.

Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms such as Cairn India.

A sharp drop in US crude and gasoline stock piles fed a rally in crude oil prices on Wednesday, 29 June 2011, spawned by Greece passing an austerity plan to avoid a sovereign debt default. US crude oil futures were marginally down by $0.24 or 0.25% at $94.53 today, 30 June 2011. Oil prices have bounced back from 4-month lows hit recently.

Cairn India shares had declined 1.5% in the past three trading sessions to settle at Rs 305.40 on Wednesday, 29 June 2011, from a recent high of Rs 310.05 on 24 June 2011, after UK-listed India-focused miner Vedanta Resources and Cairn Energy on Monday, 27 June 2011, announced that they had tweaked the terms of the deal for Vedanta's acquisition of stake in Cairn India from Cairn Energy that has resulted in a lower deal price.

Vedanta and Cairn Energy have agreed to remove a non-compete provision and related non-compete fee of Rs 50 per share on the deal, which will reduce Vedanta's total payment for a 40% stake in Cairn India to $6.02 billion from $6.65 billion.

The deal will be carried out in two tranches. Vedanta will buy a 10% stake in Cairn India on or before 11 July 2011 and purchase the remaining 30% stake at a later stage, pending necessary consents and approvals from the government of India. The first tranche purchase will increase Vedanta's stake in Cairn India to 28.5% and reduce Cairn Energy's stake to 52.2%.

Anil Agarwal, chairman of Vedanta, said the company "believes this initial 10% purchase is a further demonstration of its commitment to India. We look forward to the successful completion of the proposed transaction." Bill Gammell, CEO of Cairn Energy said "Cairn is pleased to have secured this adjustment to the agreement with Vedanta. Cairn continues to believe the necessary approvals to complete the Vedanta transaction will be received and is working with the Government of India in a positive and constructive manner."

On consolidated basis, Cairn India's net profit galloped 902.4% to Rs 2457.79 crore on 427.5% surge in net sales to Rs 3654.47 crore in Q4 March 2011 over Q4 March 2010.