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Shares of Cairn India today surged over 4 per cent in morning trade after the company reported decent earnings for the third quarter.
Cairn India reported 12 per cent rise in net profit for the quarter ended December 31, 2011, on the back of higher crude oil price.
The announcement which came after market hours yesterday, helped the stock touch an early high of Rs 366.80, a jump of 4.27 per cent from its previous closing price on the BSE.
On the National Stock Exchange, the stock opened on a bullish note and surged further by 4.23 per cent to a high of Rs 366.60.
The shares, however, pared the initial gains and were trading at Rs 357.05, up 1.51 per cent on the BSE and at Rs 357.10, higher by 1.54 per cent on the NSE at 1051 hrs.
Meanwhile, the Cabinet has given the final approval to London-based mining group Vedanta Resources Plc’s acquisition of a majority stake in Cairn India Ltd for $8.48 billion.
The Cabinet Committee on the Economic Affairs headed by the Prime Minister, Dr Manmohan Singh, cleared the deal last evening.
Market analyst said the uptrend in the counter was a knee-jerk reaction to the decent third quarter numbers. Besides, the CCEA approval for the Cairn-Vedanta deal also helped the stock.
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