Equity Alert: Cairn up 2% on high oil prices; may rise to 284 rupee
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K.Karthik Raja
Jun 27, 2008, 1:30:53 AM6/27/08
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Equity Alert: Cairn up 2% on high oil prices; may rise to 284 rupee
MUMBAI--10:20AM--Shares of Cairn India were up nearly 2% at 276.75
rupees as crude oil prices touched a record high $140.39 a barrel on
New York Mercantile Exchange on Thursday.
However, it was trading off its intraday high of 280 rupees owing
to
weakness in the broader market.
"Cairn has always been the beneficiary of higher oil prices. If it
crosses 280 rupees, then it can rise up to 283-284 rupees,"
Support for the stock is seen around 265-rupee levels, dealers
said.
So far today, 857,478 shares of Cairn have been traded on NSE. Its
July futures contract was trading at a 2-point discount to the spot,
with 2.7% rise in open interest.
MUMBAI--10:20AM--Shares of Cairn India were up nearly 2% at 276.75
rupees as crude oil prices touched a record high $140.39 a barrel on
New York Mercantile Exchange on Thursday.
However, it was trading off its intraday high of 280 rupees owing
to
weakness in the broader market.
"Cairn has always been the beneficiary of higher oil prices. If it
crosses 280 rupees, then it can rise up to 283-284 rupees,"
Support for the stock is seen around 265-rupee levels, dealers
said.
So far today, 857,478 shares of Cairn have been traded on NSE. Its
July futures contract was trading at a 2-point discount to the spot,
with 2.7% rise in open interest.
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