Meanwhile, the BSE Sensex was up 115.46 points or 0.7% to 16,569.76.

On BSE, 55,000 shares were traded in the counter as against average daily volume of 2.33 lakh shares in the past one quarter.

The stock hit a high of Rs 329.95 and a low of Rs 323 so far during the day. The stock had hit a record high of Rs 400.95 on 22 February 2012. The stock had hit a 52-week low of Rs 250 on 26 August 2011.

The stock had underperformed the market over the past one month till 6 June 2012, falling 3.5% compared with the Sensex's 2.24% fall. The scrip had also underperformed the market in past one quarter, declining 10.9% as against Sensex's 4.19% decline.

The large-cap oil and gas exploration company has an equity capital of Rs 1907.84 crore. Face value per share is Rs 10.

Crude oil futures for July 2012 delivery were up 45 cents at $85.47 a barrel in Asian electronic trading today, 7 June 2012. The contract had risen 73 cents, or 0.86% to settle at $85.02 a barrel on the New York Mercantile Exchange on Wednesday, 6 June 2012, its highest closing level since 31 May 2012. Higher crude oil prices will result in higher realization from crude sales for oil exploration firms such as Cairn India.

Federal Reserve Vice Chairman Janet Yellen on Wednesday said the US remains vulnerable to setbacks that may warrant additional monetary stimulus, while European Central Bank (ECB) President Mario Draghi said officials are ready to act as the euro area's outlook worsens.

US Federal Reserve Chairman Ben Bernanke will testify before a congressional panel today, 7 June 2012, which is expected to shed light on the Fed's view of the economy and possible policy moves.

The ECB held its main interest rate at 1% on Wednesday, 6 June 2012, resisting international pressure to provide more support for the euro zone's ailing economy. The ECB also said the interest rate on its deposit facility would remain at 0.25% and the rate on the marginal lending facility would stay at 1.75%.

Cairn India's consolidated net profit declined 11% Rs 2186.23 crore on 0.1% decline in net sales to Rs 3651.34 crore in Q4 March 2012 over Q4 March 2011.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. The company's average daily gross operated production was 1,72,887 barrels of oil equivalent (boe) in financial year ended March 2012 (FY 2012). The company sells its oil to major refineries in India and its gas to both PSU and private buyers.