Cairn India stock surge 5% on smart Q3 earnings

Cairn India stock surge 5% on smart Q3 earnings

Mumbai: Cheering Cairn India’s handsome earnings in the December quarter, shares of the oil and gas exploration company advanced by nearly 5% in morning trade on the Bombay Stock Exchange (BSE) on Friday.

Cairn India Ltd on Thursday reported an almost seven-fold jump in net profit for the third quarter on the back of an increase in output from its producing oil and gas properties.

The company’s net profit jumped to Rs2,010.12 crore in the October-December from Rs290.96 crore in the corresponding period of the previous year.

Bolstered by the robust numbers, shares of the company surged by 4.9% to an early high of Rs329.40 on the BSE.

Smart buying lifted the company’s shares on the National Stock Exchange (NSE) as well, where it jumped by 5.25% to touch an early peak of Rs330.60.

On the volume front, over 24 lakh shares of the company were traded on the two bourses in early trade on Friday.

Meanwhile, the BSE 30-share index Sensex was trading at 17,400.65, down by 62.39 points.