Cairn India rises nearly 2% on plan to spend $3 billion on oil exploration

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Shares of oil and gas exploration and production firm Cairn India climbed nearly 2 per cent in early trade on Bombay Stock Exchange (BSE) after the company announced to invest USD 3 billion (over 16,000 crore) in the next three years to expand its oil and gas production in the country.

"We have planned a capex of $3 billion, generated from internal resources, in next three years between financial years 2013-14 and 2015-16. Over 80 per cent of the capex will be invested on the Rajasthan block and this excludes any new ventures," company's CEO P Elango said.

Buoyed by development, shares of company gained as much as 1.80 per cent to trade at Rs 302.80 a piece on the BSE.

In a similar fashion, shares of the company were trading at Rs 302.60 a piece, up 1.85 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 20,240.59, down 6.73 points or 0.03 per cent at 10:00 hours.

Read more about: cairn india
Story first published: Friday, May 17, 2013, 13:31 [IST]
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