Karvy Stock Broking Limited has maintained ‘Buy’ rating on Cairn India stock with an intraday target of Rs 308.

According to Karvy, day traders can purchase the stock between Rs 300-302 with a strict stop loss of Rs 298. If the stock market remains on positive track, the next target for the day will be above Rs 310.

Shares of the company, on Monday (May 12), closed at Rs 302.95 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 8946070. The share price has seen a 52-week high of Rs 306 and a low of Rs 133.3 on BSE.

The outlook for the stock is really very strong, and it is expected to rise on the back of huge volumes.

Cairn India has reported a substantial rise in consolidated net profit for the year ended March 2008.

During the year, the company’s profit increased 3.01 times to Rs 1,164.31 million from Rs 375.62 million in the last year. The consolidated total income during the year climbed 23.86% to Rs 3,375.97 million, when compared with the prior year.

At the Board Meeting held on April 28, 2008, the company has also nominated Mr. Rick Bott as Additional Director. He will assume office of Executive Director and Chief Operating Officer with effect from June 15, 2008.

During the last month, Cairn India-operated Ravva oil and Gas Field, off the coast of Andhra Pradesh, has achieved the significant milestone of making 200 million barrels of oil from the field. The 200 millionth barrel was produced at the weekend from a field that has seen the estimated reserves doubled by the joint venture (JV) partners, Cairn India, ONGC, Videocon and Ravva Oil.

Other stocks from the same sector that looks good for short-term trading includes ONGC, GAIL and Reliance Natura.