Equity Alert: Cairn India shrs up 3% on rising crude oil price
MUMBAI--12:10PM--Shares of Cairn India were up 3% at 204.30 rupees
tracking the rise in crude oil prices from $91.93 a barrel to the
current
$93.90 a barrel, dealers said.
"(The company's) profits are going to be leveraged to crude oil
prices
and share prices will move in line with oil prices," said Sandeep
Randery,
senior oil and gas analyst, Brics Securities.
Cairn India shares touched an intraday high of 207.45 rupees.
September
futures were trading at 207.55 rupees, a 1.15-rupee premium to spot
price.
"The share's net asset value is seen at 213 rupees, if it trades
below
that value, then there is some safety seen," said Randery. He said he
maintains the 'underperform' rating, adding that it would be revisited
soon.
A strong intraday support for Cairn India shares is seen at 190
rupees
and resistance for the share is seen at 220 rupees, said a technical
analyst
at a domestic brokerage.
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