CAIRN India (169.80):-
The stock has broken out above its downward trendline which kept the trend down for the last 9 months or so. The company benefits from rising Crude Prices which have bounced nearly 50% in the last one month only. Buy for target of 185-188 with Stop below 160.
RIL and Essar Oil keen to buy Cairn Crude
Oil production at CAIRN is to start next month and private players like Essar Oil and Reliance have already shown interest to buy all the Crude from Barmer field of CAIRN. So the revenue stream looks secure for the company.
Cairn Raises $160 Million in Share Sale to Fund India Plans
Cairn Energy Plc, the U.K. oil and gas explorer in India, expects to raise 116.1 million pounds ($160 million) from the sale of new shares to fund operations in Rajasthan and Greenland.