Stock market analyst Rakesh Bansal of New Age Wealth has maintained 'buy' rating on Cairn India Limited stock.

According to analyst, the investors can buy the stock with stop loss of Rs 78 to achieve a short-term target of Rs 345.

The stock of the company, on Nov 05, closed at Rs 331.80 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 368 and a low of Rs 250.10 on BSE.

Current EPS & P/E ratio stood at 13 and 25.24 respectively.

Cairn India Ltd. verified that its U. K. parent Cairn Energy PLC has sent a letter to oil giant ONGC on the stake sale plan in the local unit to Vedanta Resources PLC.

As per Cairn India spokesperson, who refused to be named, "As part of the ongoing process, Cairn can confirm that it has submitted a letter to ONGC. Cairn "remains committed to working to secure all the necessary consents and approvals that are needed for this transaction."

Cairn India recorded a sharp increase in its net profit as its primary producing arena functioned at peak capacitance, and its parent company stated that the $9.6-billion agreement to sell a controlling stake in its Indian division to Vedanta Resources was moving ahead.

The company's consolidated net profit during the three month period stood at Rs 1,585.1 crore as against Rs 469.5 crore during the corresponding period of 2009, whereas revenue jumped to Rs 2,686.4 crore as compared to Rs
229.8 crore during September 2009.