Equity Alert: Cairn India shares seen up as global oil prices surge

[K.Karthik Raja]

Equity Alert: Cairn India shares seen up as global oil prices surge
MUMBAI--9:45AM--Cairn India shares are seen up following a $10.4
rise in
crude oil prices to hit a new record high of $139.12 a barrel on New
York
Mercantile Exchange Friday.Cairn India shares will also act as a
cushion for investors, who could
see it as a defensive bet in a weak broad market today.
Other oil exploration companies like Oil and Natural Gas Corp and
Hindustan Oil Exploration are also seen gaining due to the surge in
global
crude oil prices.
However, ONGC will be less favoured as it is compelled to sell
crude oil
to refineries at a subsidised rate, unlike Cairn and Hindustan Oil
Exploration, said an analyst with a domestic brokerage.
Friday, Cairn India shares ended at 286.85 rupees, up 8.6%, while
ONGC
shares ended at 938.95 rupees, down 1.9% from previous close.
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