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Shares of Cairn India jumped by nearly 4 per cent in early trade on the bourses today after state-owned Oil and Natural Gas Corp (ONGC) approved its parent firm Cairn Energy’s stake sale to Anil Agarwal-led Vedanta Resources.
ONGC yesterday gave its consent to Vedanta Resources for taking over Cairn India, but only if the mining group and the subsidiary of UK’s Cairn Energy signed a legal pact on sharing the royalty and cess burden in their producing acreages.
Reacting to the news, shares of the company opened on a bullish note on the Bombay Stock Exchange and then surged by 3.71 per cent to a high of Rs 290.40.
A similar upsurge was witnessed in Cairn India’s counter on the National Stock Exchange, where the company jumped by 3.47 per cent to a high of Rs 290.40 after opening at Rs 288.80.
The stock, however, saw some of the initial gains pared and was later trading at Rs 285.40 on BSE, up 1.93 per cent, and at Rs 284.95 on NSE, up 1.68 per cent, at 10.20 a.m.
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