Meanwhile, the BSE Sensex was down 52.76 points, or 0.52%, to 10,023.67. On BSE, 29,439 shares were traded in the counter. The stock had an average daily volume of 9.83 lakh shares in the past one quarter. The stock hit a high of Rs 154.80 and a low of Rs 149.25 so far during the day. The stock hit a 52-week high of Rs 342.50 on 21 May 2008 and a 52-week low of Rs 88.15 on 27 October 2008.
The large-cap stock had outperformed the market over the past one month till 18 December 2008, gaining 17.95% as compared to the Sensex's return of 12.75%. It had also outperformed the market in the past one quarter, declining 22.89% as compared to the Sensex's decline of 24.33%.
The company's current equity is Rs 1896.03 crore. Face value per share is Rs 10. The current price of Rs 150.50 discounts the company's Q3 September 2008 annualized EPS of Rs 1.72, by a PE multiple of 87.5.
The fall in crude oil prices would result in lower realizations from crude sales. US crude prices dropped more than 9% to $36 a barrel on Thursday, 18 December 2008, as slumping demand and swelling US inventories offset a record production cut announced by the Organization of the Petroleum Exporting Countries (Opec)
The Opec on Wednesday, 17 December 2008, agreed to cut output by 2.2 million barrels per day from January 2009 to take crude oil prices to fair levels.
Last month, India's cabinet rejected an oil ministry proposal to award a deepwater block off the west coast to Cairn India, as the company had not offered the government an attractive enough share of potential production, or profit petroleum.
Cairn India reported a net profit of Rs 81.44 crore in Q3 September 2008 as against net loss of Rs 8.40 crore in Q3 September 2007. Total income surged 1258.1% to Rs 107.83 crore in Q3 September 2008 over Q3 September 2007. Cairn India explores and produces crude oil and natural gas in India.
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