Target: Rs. 370.00
Market Cap: Rs. 67,352.59 Cr.
52 Week High/Low: Rs. 368.05 / Rs. 253.40
Total Debt: Rs. 3,503.00 Cr;
NOW only concern on price movement is that Petronas, a Malaysian oil major holds 14.91 % of Cairn a 28,34,31,438 shares, the BUZZ is that it may sell its stake in open market in order to save Capital Gain Tax, at current price of Rs.354.35 , Petronas's stake in Cairn is worth Rs.10,043.39 Cr. For which Petronas has shelled out just above Rs.5,000 Cr to buy 28.34 Cr Shares. If sale happens it will cause the prices to fall but the question will be that Why would Petronas Sell? lets hope ....till then some key financials -
|SALES (Rs. crs)||1,623||11,590.6||15,695.1|
|NET PROFIT (Rs. crs)||1,036||6,433.3||9,457.6|
I maintain my BUY status on CAIRN INDIA with the price target of Rs. 370 in short term. As I always say do respect the market and keep a strict stop loss of 8 % on your every purchase.