Third day of Cairn India Ltd shares rising. Know why
Aug 27, 2015, 15:09 IST
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Cairn India Ltd., an oil/gas explorer, rose for the 3rd day from multi-year lows on news that the company was planning an expansion to boost its crude and gas ferrying capacity.Cairn would spend 1,400 crore rupees to expand its crude oil carrying capacity to 3 lakh bopd from 2 lakhs bopd now. Natural gas carrying capacity would surge to 40 mmscfd from 6.3 mmscfd now, according to media reports.
| The main component of investment would go into the augmentation of existing Mangala Development Pipeline from Barmer in Rajasthan to Bhogat Terminal at Gujarat and development of new 30 inch pipeline from Raageshwari Gas Terminal to Palanpur for 280 mmscfd natural gas sale, report added. Cairn surged 9.5 rupees, or 7.3 percent, to 139.30 rupees on the National Stock Exchange, where 41.5 lakh shares were traded compared with the 5-day average of 33.2 lakh shares. Cairn's market capitalisation has fallen 57 percent to 26,192 crore rupees in the past one year, in line with the drop in crude oil prices. Image credit: Indiatimes |