Equity Alert: Cairn India down 3%; support seen at 270 rupees
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K.Karthik Raja
Jun 16, 2008, 3:05:13 AM6/16/08
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Equity Alert: Cairn India down 3%; support seen at 270 rupees
MUMBAI--12:25PM--Cairn India was down nearly 3% at 277 rupees, as
easing crude oil prices spurred profit booking in the stock, dealers
said.
Crude oil was trading at around $134 a barrel on NYMEX amid
reports Saudi Arabia may raise its daily output to 10 mln barrels per
day from 9.45 mln currently. It had closed at $134.86 Friday, down
1.4% from previous.
Dealers do not expect shares of Cairn to fall below 270 rupees, as
the company benefits the most among Indian refiners from the surge in
crude prices.
Merrill Lynch has a 'buy' rating on the stock, with a price target
of 344 rupees per share.
June futures of the stock were at par to spot, with 3% rise in
open
interest. So far, 2 mln shares have been traded on NSE.
MUMBAI--12:25PM--Cairn India was down nearly 3% at 277 rupees, as
easing crude oil prices spurred profit booking in the stock, dealers
said.
Crude oil was trading at around $134 a barrel on NYMEX amid
reports Saudi Arabia may raise its daily output to 10 mln barrels per
day from 9.45 mln currently. It had closed at $134.86 Friday, down
1.4% from previous.
Dealers do not expect shares of Cairn to fall below 270 rupees, as
the company benefits the most among Indian refiners from the surge in
crude prices.
Merrill Lynch has a 'buy' rating on the stock, with a price target
of 344 rupees per share.
June futures of the stock were at par to spot, with 3% rise in
open
interest. So far, 2 mln shares have been traded on NSE.
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