Overweight rating to Cairn India shares,target price Rs 400: JP Morgan

JP Morgan assumes coverage of Cairn India with an overweight rating from a neutral.

Written by Reuters | Mumbai | Published: October 21, 2013 10:27 am

JP Morgan assumes coverage of Cairn India Ltd with an “overweight” rating and a target price of Rs 400,from a “neutral” rating with a 315 rupees target price as of October 2011.

Cairn offers high-margin production growth built around its key asset in the state of Rajasthan,but trades at a 50 percent discount to peers,the investment bank says.

Cairn India’s shares are up 1.1 per cent at Rs 332 at 10.10 am.

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