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This is an archive article published on October 4, 2011

HSBC upgrades Cairn India stock

HSBC has upgraded Cairn India stock to 'overweight' from 'neutral'.

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HSBC has upgraded Cairn India stock to 8216;overweight8217; from 8216;neutral8217; and maintained target of 350 rupees as it expects gas discovery in Sri Lanka to be sentimentally positive alongside substantial reserve upside in company8217;s Rajasthan block.

With the new discovery,Cairn India has once again demonstrated the strength of its exploration and production capability.

We believe this should help accelerate approvals from its joint venture partners and regulators in India,HSBC said in a note.

Our detailed analysis indicates substantial reserves upside in Cairn India8217;s Rajasthan block,which is currently producing 125,000 barrels oil per day,it added.

At 10:35 a.m. shares were trading at 267 rupees,down 1.35 percent.

Company INFO More on Cairn India

Stocks More on Cairn India

 

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