Kotak upgrades Cairn India; shares gain

Mon Apr 1, 2013 10:36am IST

A Cairn India employee works at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan August 29, 2009. REUTERS/Parth Sanyal/Files

A Cairn India employee works at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan August 29, 2009.

Credit: Reuters/Parth Sanyal/Files

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS EXCLUSIVE

REUTERS SHOWCASE

iOS 8 Issue

iOS 8 Issue

iOS 8 causing Bluetooth connectivity issues - Apple news blog  Full Article 

Modi In U.S.

Modi In U.S.

Obama, Modi work to deepen improving U.S.-India ties  Full Article | Full Coverage 

NYT Job Cut

NYT Job Cut

New York Times to cut jobs as new products disappoint  Full Article 

Factory Activity

Factory Activity

Factories expand at slowest pace this year in September  Full Article 

Monetary Policy

Monetary Policy

RBI not biased towards either raising or cutting rates - Rajan  Full Article 

Weak Demand

Weak Demand

Weak demand hits factory activity across Asia, Europe  Full Article 

Pimco Fund

Pimco Fund

Pimco Total Return Fund posts record $23.5 bln net outflow in Sept  Full Article 

Hopeful of Profit

Hopeful of Profit

GM sees first European profit in 2016 after years of losses  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage