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

Economic Pulse

REUTERS SHOWCASE

Deregulation Impact

Deregulation Impact

Private fuel retailers to dip toe, not dive back, into India  Full Article 

Gold Import

Gold Import

RBI will not change gold import rules - sources  Full Article 

Idea Results

Idea Results

Idea Cellular Q2 profit up 69 percent  Full Article 

An RBI First

An RBI First

RBI releases minutes of financial stability council's Aug meet  Full Article 

Global Shares

Global Shares

Japanese stocks lead shares worldwide, IBM weighs on Dow  Full Article 

IBM Chip Unit

IBM Chip Unit

IBM to pay Globalfoundries to take chip unit  Full Article 

IBM Earnings

IBM Earnings

IBM ditches 2015 operating EPS target, shares slump 7 pct  Full Article 

Reuters India Mobile

Reuters India Mobile

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