Ambit Capital recommends Cairn India

Ambit Capital recommends Cairn India
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First Published: Tue, Jul 14 2009. 09 09 AM IST

Updated: Tue, Jul 14 2009. 09 09 AM IST
An increased oil price deck (+ve) and higher MAT rates of 15% (-ve) necessitate a revision in our earnings estimates for Cairn India.
Commensurately our 12-month target price now stands at Rs245 (vs. Rs250). Correction in the stock price of 16% over the last month provides a good entry point.
At Rs210, our target price implies 16% upside from current levels and constitutes the basis of an upgrade in our recommendation from Hold to BUY.
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First Published: Tue, Jul 14 2009. 09 09 AM IST
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