Cairn India bounces back
Cairn India is doing well today. The stock had hit a 52-week low on 22nd March at Rs.275.55, closing at Rs.277 on Friday. Today, it opened at Rs.280.95 and hit an intra day high at Rs.285.60.
The stock is in the green today after the company issued a Press statement today morning, stating that it has started sale of gas from Rajasthan with initial volumes of 0.15 mmscmd. It has stated that it plans to target several gas prospects in Rajasthan and its JV with ONGC will start oil output from Aishwariya fields in Barmer. It also plans to eventually buyout Cairn Energy’s residual 10% stake. The company has earmarked a spend or around Rs.6,000 to 10,000 crore over the next 3 years in Rajasthan and aims to achieve production of 500,000 bpd.