Kotak upgrades Cairn India; shares gain
Reuters Market Eye - Shares in Cairn India Ltd(CAIL.NS) gain 2.2 percent after Kotak Institutional Equities upgraded the stock to "buy" from "add" and kept its target price of 340 rupees, saying the current price provides a good entry point as valuations and expectations have turned reasonable.
"We find the risk-reward balance favourable now as the stock does not factor in potential upsides from Barmer Hill formation, 19 other discoveries and prospective exploration in Rajasthan block," Kotak says in a report.
The investment bank adds that the stock has been penalized enough for missing its "aggressive" guidance.
Cairn India shares have fallen 14.6 percent in 2013, as of Thursday's close.
(Reporting by Abhishek Vishnoi)
- Tweet this
- Share this
- Digg this
- Missing Air Algerie plane from Burkina Faso has crashed - Algerian official
- Taiwan launches inquiry into plane crash that killed 48
- Wipro sees strong sales growth, eyes Europe deals
- Honda's Mobilio car looks to repeat Indonesia success in India
- Exclusive - Ukraine rebel commander acknowledges fighters had BUK missile
India is set to offer Nepal a landmark pact to help develop its huge hydro-electric power potential as the South Asian giant takes another step to re-assert influence among smaller neighbours where China has been forging closer ties. Full Article