Cairn India rallied in trade on reports that the board will meet to mull buyback of shares. The stock was up 2.23 per cent in trade at Rs 326.
Cairn India is part of the Vedanta Group, a globally diversified natural resources group with wide ranging interests in aluminium, copper, zinc, lead, silver, iron ore, etc.
Cairn India is one of the largest private exploration and production companies currently operating in India. Over the years the company has had an outstanding production records.
For Q2 2014 the company reported revenue at Rs 4,650 crore (US$ 749 million), up 14% QoQ and EBITDA at Rs 3,619 crore (US$ 583 million), up 19% QoQ, respectively. Profit After Tax at Rs 3,385 crore (US$ 545 million), up 8% QoQ, Cash EPS at Rs 15.9 per share, up 18% QoQ.
The company has made a formal application for an extension of the licence term as provided in the Rajasthan and Ravva PSC submitted to the Ministry of Petroleum and Natural Gas (MoPNG); the committee constituted to look into the PSC extension is expected to submit its report shortly