Delhi HC dismisses Cairn India plea on crude export

India Infoline News Service | Mumbai | October 18, 2016 11:56 IST

Delhi HC rejected Cairn India’s plea seeking permission to export surplus crude from Barmer oil fields in Rajasthan. The court said that Cairn can invoke dispute resolution mechanism.

The Delhi High Court on Tuesday rejected Cairn India’s plea seeking permission to export surplus crude from Barmer oil fields in Rajasthan, as per media report. The court said that Cairn can invoke dispute resolution mechanism.

Justice Manmohan said that the terms of the PSC allowed Cairn get 70% of crude from the well while the state-owned company would get 30%.

However, in an earlier hearing the government had said that export of country's domestic crude oil cannot be allowed as it would be detrimental to national interest considering the fact that nearly 85% of required crude was imported, report added.

Stock Commentary:

Cairn India Ltd is currently trading at Rs 222.6, up by Rs 1.2 or 0.54% from its previous closing of Rs 221.4 on the BSE.

The scrip opened at Rs 223.85 and has touched a high and low of Rs 225.1 and Rs 220.75 respectively. So far 1473153 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 41528.13 crore.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 231.6 on 06-Oct-2016 and a 52 week low of Rs 106.6 on 19-Jan-2016. Last one week high and low of the scrip stood at Rs 226.9 and Rs 219.95 respectively.

The promoters holding in the company stood at 59.86 % while Institutions and Non-Institutions held 26.18 % and 13.96 % respectively.

The stock is currently trading above its 50 DMA.

***Note: This is a NSE Chart

 

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