Buy Cairn India With Stop Loss Of Rs 347.90

Buy Cairn India With Stop Loss Of Rs 347.90Technical analyst Hitendra Vasudeo has maintained 'buy' rating on Cairn India Limited stock with targets of Rs 355.40 and 361.50.

Mr. Vasudeo said that the stock can be purchased with a stop loss of Rs 347.90.

The stock of the company, on March 22, closed at Rs 353.05 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 368 and a low of Rs 273 on BSE.

Current EPS & P/E ratio stood at 22.03 and 16.08 respectively.

Cairn India Ltd said that it is waiting for government nod for the sale of 51% equity stake to Vedanta Resources Plc for approximately US$9.6 billion.

In a declaration, CEO Bill Gammell stated, "Cairn continues to believe the necessary approvals to complete the Vedanta transaction will be received and is working with the Government of India in a positive and constructive manner."

During August 2010, the Indian arm of Cairn Energy Plc had decided to sell majority equity stake to Anil Agarwal functioned Vedanta but the agreement has been jammed ever since for Indian govt's approval.

Earlier this month, Cairn India stated that it projected to finish the divestment by April 15.

Cairn's Mangala field in the state of Rajasthan was the biggest oil detection in the country for over 20 years and now fabricates 125,000 barrels of oil on a daily basis.

"A total of 129 Mangala development wells have been drilled to date, of which 84 have been completed and 55 are currently producing," Cairn Energy added.