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

By Religare
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    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
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more