Equity Alert: Cairn India up 2%; Target 360 Rupees(One Year)
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K.Karthik Raja
Jun 19, 2008, 2:00:58 AM6/19/08
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Equity Alert: Cairn India up 2%; Target 360 Rupees(One Year)
MUMBAI--10:30AM--Shares of Cairn India rose 2% to 281 rupees as
crude oil prices rebounded.Crude oil for July delivery was trading
around $136 a barrel after gaining 2% in the previous session to
settle at $136.68.
Sentiment for the stock also improved today its 12-month price
target to 360 rupees per share from 340 rupees earlier today.
We continue to think oil leveraged plays have a more favourable
risk to reward near-term than companies with significant downstream
exposure or those that are exposed to policy risk
We have maintained a " Buy " rating on the stock, and Cairn India
is the only Indian company to be one of the top picks in Asia.
So far, 928,532 shares have been traded on NSE. June futures of
the stock were at par to the spot, with 2% rise in open interest.
MUMBAI--10:30AM--Shares of Cairn India rose 2% to 281 rupees as
crude oil prices rebounded.Crude oil for July delivery was trading
around $136 a barrel after gaining 2% in the previous session to
settle at $136.68.
Sentiment for the stock also improved today its 12-month price
target to 360 rupees per share from 340 rupees earlier today.
We continue to think oil leveraged plays have a more favourable
risk to reward near-term than companies with significant downstream
exposure or those that are exposed to policy risk
We have maintained a " Buy " rating on the stock, and Cairn India
is the only Indian company to be one of the top picks in Asia.
So far, 928,532 shares have been traded on NSE. June futures of
the stock were at par to the spot, with 2% rise in open interest.
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