Cairn India up on hopes of counter offer, gas find
Shares of Cairn India moved higher after the company hit yet another large oil and gas reserve. With this, Cairn has been involved in at least 40 gas finds across India.
In another development, Vedanta Resources’ plan to buy control of oil and gas explorer Cairn India for $9.6 bn may be headed towards a legal and takeover battle, with the government insisting on its approval for the transaction and ostensibly prodding companies owned by it to launch a counter-bid.
At 10:20 am, Shares of Cairn India were at Rs 351.85, up Rs 8.30 or 2.42 per cent on the NSE. It touched a high of Rs 355 and low of Rs 345 in trade so far.
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