Meanwhile, the BSE Sensex was up 104.39 points or 0.61% to 17,289.40.

On BSE, 1.56 lakh shares were traded in the counter as against average daily volume of 12 lakh shares in the past one quarter.

The stock hit a high of Rs 321.65 and a low of Rs 316.50 so far during the day. The stock had hit a record high of Rs 400.95 on 22 February 2012. The stock had hit a 52-week low of Rs 250 on 26 August 2011.

The stock had underperformed the market over the past one month till 18 July 2012, falling 5.39% compared with the Sensex's 2.87% rise. The stock had also underperformed the market in past one quarter, declining 10.18% as against Sensex's 1.19% fall.

The large-cap oil exploration firm has equity capital of Rs 1907.91 crore. Face value per share is Rs 10.

US crude oil futures for August 2012 delivery were up 60 cents at $90.47 a barrel in electronic trading today, 19 July 2012. The contract rose 65 cents a barrel or 0.72% to settle at $89.87 a barrel on the New York Mercantile Exchange on Wednesday, 18 July 2012. The August 2012 futures expire tomorrow, 20 July 2012.

US crude oil futures for September 2012 delivery were up 61 cents at $90.78 a barrel in electronic trading today, 19 July 2012. The contract rose 63 cents a barrel or 0.7% to settle at $90.17 a barrel on the New York Mercantile Exchange on Wednesday, 18 July 2012.

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

US gasoline stockpiles decreased 1.8 million barrels last week, the Energy Department said in a report on Wednesday, 18 July 2012. US oil demand in the last four weeks averaged almost 19 million barrels a day, up 0.4%, for the third consecutive year-on-year increase, the Energy Department report showed. Consumption in the last seven days rose 0.3% week-on-week to 18.6 million barrels a day.

US housing starts in June rose 6.9% from the previous month to an annual rate of 760,000 units -- the highest level in nearly four years -- while building permits eased 3.7%, the Commerce Department reported on Wednesday, 18 July 2012.

Cairn India's consolidated net profit fell 11% Rs 2186.23 crore on 0.1% decline in net sales to Rs 3651.34 crore in Q4 March 2012 over Q4 March 2011. The company unveils Q1 June 2012 results on 23 July 2012.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. The company's average daily gross operated production was 1,72,887 barrels of oil equivalent (boe) in financial year ended March 2012 (FY 2012). The company sells its oil to major refineries in India and its gas to both PSU and private buyers.