Mumbai: Shares of oil exploration firm Cairn India surged over 9% following the company’s announcement of winning an exploration license from Sri Lankan Government.
The scrip today touched an intra-day high of Rs288.35, up 9.2% from the yesterday’s close of Rs263.95 on the BSE.
The shares were trading at Rs 287.30, up 8.85%, in the afternoon trade on the exchange.
Cairn India said on 5 June that it had won a licence to explore oil and natural gas in Sri Lanka’s Mannar Basin.
The Petroleum Resources Agreement for the offshore block would be signed in due course. Cairn India is currently focused on exploration and production in India where it has a working interest in 14 blocks, two of which are producing hydrocarbons.
At the BSE oil and gas index, Cairn India is the only outperformer, while just other three firms were trading marginally in the green. The rest of the stocks in the index were trading in the red.
The 11-scrip index was trading at 10,137.38 points, up 75.77 points, in the afternoon trade on the bourse.