31-Aug-2013
Cairn India lost 1.82% to Rs 319 at 13:07 IST on BSE as US crude oil futures fell for a second straight day after UK lawmakers rejected a motion for military action against Syria, easing concern that unrest will disrupt Middle East oil supplies.
Meanwhile, the S&P BSE Sensex was up 43.62 points or 0.24% at 18,444.66.
On BSE, 1.13 lakh shares were traded in the counter as against average daily volume of 1.67 lakh shares in the past one quarter.
The stock hit a high of Rs 325.95 and a low of Rs 317.55 so far during the day. The stock had hit a 52-week low of Rs 267.90 on 28 March 2013. The stock had hit a 52-week high of Rs 365.90 on 17 September 2012.
The stock had outperformed the market over the past one month till 29 August 2013, surging 9.1% compared with the Sensex's 6.08% fall. The scrip had also outperformed the market in past one quarter, jumping 12.79% as against Sensex's 8.67% fall.
The large-cap company has equity capital of Rs 1910.46 crore. Face value per share is Rs 10.
US crude oil futures for October 2013 delivery were down $1.28 a barrel at $107.52 a barrel in the electronic trading today, 30 August 2013. The contract had fallen $1.30 a barrel or 1.18% to settle at $108.80 a barrel on the New York Mercantile Exchange on Thursday, 29 August 2013. Lower crude oil prices will result in lower realizations from crude sales for oil exploration firms like Cairn India.
The House of Commons rejected a proposal put forward by UK Prime Minister David Cameron seeking a military response to what he says is evidence of the use of chemical weapons by Syria.
Meanwhile, the global oil market is adequately supplied and doesn't require the release of emergency stockpiles, according to the International Energy Agency (IEA).
Cairn India's consolidated net profit fell 18.3% to Rs 3127.23 crore on 8.5% decline in net sales to Rs 4062.93 crore in Q1 June 2013 over Q1 June 2012.
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 public sector units and private buyers.
Source:- business-standard.com
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