Cairn India shares up on better earnings

The deal between Cairn Energy and Vedanta has also received a final OK from the Indian govt.

Written by Agencies | Published:January 25, 2012 11:45 am

Shares in oil explorer Cairn India rose 4.2 per cent in early trades after the company post market on Tuesday reported a 12.5 per cent surge in December-quarter earnings.

Cairn reported a net profit of 22.6 billion rupees (+12.5 percent Y-o-Y and +196 percent q-o-q) moderately ahead of our and consensus estimates on account of a one-time forex gain and better realisation on its crude oil,HSBC said in a note.

The deal between Cairn Energy and Vedanta has also received a final OK from the Indian govt,helping push shares up.

The Cabinet Committee on Economic Affairs on Tuesday approved majority share sale of Cairn India Ltd to Vedanta Resources Plc after the Law Ministry clarified that there was “no legal or constitutional objection to the Petroleum Ministry’s proposal” for the transfer.

At 10.29 a.m,the stock was up 1.75 per cent at 357.85 rupees.

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