Meanwhile, the BSE Sensex was up 322.25 points or 1.94% to 16,962.07.

On BSE, 79,000 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 323.50 and a low of Rs 316.30 so far during the day.

The large-cap stock had underperformed the market over the past one month till 26 July 2012, falling 4.47% compared with the Sensex's 1.58% fall. The scrip had also underperformed the market in past one quarter, sliding 6.87% as against Sensex's 2.87% fall.

US crude oil futures for September 2012 delivery were up 43 cents at $89.82 a barrel in electronic trading today, 27 July 2012. The contract gained 42 cents or 0.47% to settle at $89.39 a barrel on the New York Mercantile Exchange on Thursday, 26 July 2012, its highest closing level since 20 July 2012. Higher crude oil prices will result in higher realization from crude sales for oil exploration firms such as Cairn India.

European Central Bank (ECB) President Mario Draghi on Thursday said the bank would do whatever was necessary to protect the euro zone from collapse, raising hopes for action to ease strains for highly indebted member states facing pressures to seek a bailout.

US durable goods orders meant to last at least three years, rose 1.6% in June, the second monthly gain, a report from the Commerce Department showed on Thursday, 26 July 2012.

First-time applications for US jobless benefits fell 35,000 in the week ended 21 July to 353,000, the Labor Department reported on Thursday, 26 July 2012.

US is the world's biggest crude consumer.

Chinese industrial companies' profits in June fell 1.7% from a year earlier to 467.2 billion yuan ($73 billion), the National Bureau of Statistics said on its website today, 27 July 2012. That drop was smaller than declines of 5.3% in May and 2.2% in April.

China is one of the world's biggest users of crude oil.

Cairn India's consolidated net profit jumped 40.3% to Rs 3825.74 crore on 19.6% growth in net sales to Rs 4440.03 crore in Q1 June 2012 over Q1 June 2011.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. The company sells its oil to major refineries in India and its gas to both PSU and private buyers.