Cairn India

Cairn India Oct-Dec profit drops 53% to Rs 1,350 crore

Cairn IndiaNew Delhi: Cairn India on Thursday reported a 53 percent drop in its December quarter net profit, crimped by the slump in global oil prices and drop in production.

Net profit in October-December at Rs 1,350 crore, or Rs 10.72 per share, was 53 percent lower than Rs 2,884 crore, or Rs 16.86 a share, in the same period a year ago, Cairn said in a statement here.

Profits were down as the price of oil it realised fell 29 percent to USD 68.7 per barrel from USD 96.3 in third quarter of previous fiscal.

Revenue fell 30 percent to Rs 3,504 crore.

Cairn's showpiece Rajasthan field output was 4 percent lower at 178,400 barrels of oil per day.

$1.25 bn loan from Cairn India win-win for both: Vedanta

VedantaNew Delhi: Vedanta Resources on Tuesday attempted to play down the Cairn India USD 1.25 billion loan issue, saying the move is a win-win for both the firms and was done following existing rules and regulations.

Creating concern among investors, Cairn India loaned out USD 1.25 billion to parent Vedanta Resources and has already disbursed USD 800 million at an interest rate of three percent above LIBOR for a period of two years.

Cairn seeks ONGC nod to extend Rajasthan block permit beyond 2020

Cairn ONGCNew Delhi: Cairn India has sought partner Oil and Natural Gas Corp's (ONGC) nod for extension of the licence of their prolific Rajasthan oil block beyond the contractual deadline of 2020.

Cairn's contractual term for exploring and producing oil and gas from the Rajasthan Block RJ-ON-90/2 expires in 2020 and the area is to return to the block licensee, ONGC.

The Anil Agarwal-group company, which wants the term of the block extended by a minimum 10 years, has formally written to ONGC on the issue, sources said.

Cairn India gives surprise $1.25 bn loan to Vedanta; stock tanks

Cairn-IndiaNew Delhi: After using its cash to help new promoter raise stake in the company, Cairn India has loaned out USD 1.25 billion to Vedanta Group, leading to its stock dropping by the most in five years.

Cairn, which has already disbursed USD 800 million out of the total loan of USD 1.25 billion, made the loan disclosure after analysts raised doubts on utilisation of cash reserves.

Its spokesperson said, "the loan has been extended for two years at floating rate of 3 percent plus LIBOR after requisite approvals, which is significantly higher than comparable rates being received on fixed deposits of same tenor."

Need for predictable taxes, contract sanctity: Cairn India

Cairn-IndiaMumbai: As it looks at policy support to boost output from Rajasthan oil block, Cairn India Wednesday called for predictable taxes and fiscal regime together with maintaining contract sanctity to aid production increase.

Addressing the company's Annual General Meeting (AGM) of shareholders here, Chairman Navin Agrawal said that for a nation undergoing transformational changes, a simple and forward-looking policy to encourage investment that maximises domestic oil and gas production would be a key enabler.

Investors switching to Cairn India from GAIL

Investors switching to Cairn India from GAILInvestors are looking to switch to oil explorer Cairn India from gas utility company GAIL (India) Ltd due to the difference in valuation and rising conflict in Iraq, dealers say.

GAIL is currently trading at 11 times of its FY16 earnings while Cairn India is trading at seven times, Thomson Reuters data shows.

"One can make a switch to Cairn as short-term firmness in crude oil prices and depreciating rupee are sentimental booster for the stock," said G. Chokkalingam, founder of Equinomics, a research and fund advisory firm.---- PTI

Cairn to invest $200 mn in Rajasthan gas field

CairnNew Delhi: Cairn India Ltd has said it will invest USD 200 million over the next three years in developing natural gas finds in the largely oil-bearing Rajasthan block.

The USD 200 million investment during FY2015-17 will be towards developing existing Raageshwari Deep Gas field and associated field facilities and pipeline, Cairn said in its 2013-14 annual report.

"Leveraging the gas potential of the Rajasthan block is a priority for Cairn India," Chairman Navin Agarwal said in the report.

Cairn India announces Q4 results, up 7 pct year on year

Cairn-IndiaNew Delhi, Apr 23 : Cairn India Limited (CIL), one of the fastest growing independent oil exploration and production companies in the world, today announces its annual financial results for the period ending March 31,2014.

In a statement, the company recorded a revenue of Rs. 18,762 crore (USD 3.1 billion), up seven percent year-on-year on account of enhanced volumes.

It reported EBITDA of Rs. 13,877 crore (USD 2.3 billion) driven by low operational cost of USD 3.9/bbl in onshore RJ block.

Profit after tax was pegged at Rs. 12,432 crore (USD 2.1 billion), Diluted EPS of 64.95 up three per cent year-on-year.

Cairn India Q3 net falls 14 percent

Cairn India Q3 net falls 14 percentNew Delhi, Jan 23 : Energy major Cairn India Thursday posted 13.8 percent fall in net profits caused by forex losses and increased expenses in the third quarter, ending December, over the same quarter of the last fiscal.

The company, a subsidiary of Vedanta Resources, reported that its profit after tax (PAT) dropped to Rs. 2,884.04 crore in the quarter from Rs. 3,344.89 crore in the same quarter of the last fiscal.

Earnings before interest, tax, depreciation and amortisation (EBITDA) grew marginally to Rs. 3,592 crore.

Cairn India plans to use earnings from Rajasthan assets to buy new oil & gas blocks

Cairn India plans to use earnings from Rajasthan assets to buy new oil & gas blocksCairn India Ltd, one of the largest oil & gas discovers in India, has announced its plans to use earnings from its Rajasthan assets to acquire new oil & gas blocks.

The company said that it was well placed to not only develop its existing assets but also open up new growth opportunities to further strengthen the exploration and production (E&P) portfolio.

Rupee depreciation expected to boost energy firms’ earnings

Rupee depreciation expected to boost energy firms’ earningsOil & gas giants like ONGC, Cairn India, Oil India and Reliance Industries Ltd will reportedly see considerable increases in their earning for the current quarter, mainly owing to rupee depreciation.

Available figures show that the dollar-linked prices of gas, petrol and diesel have increased nearly 17 per cent in the past few months.

Cairn India Q1 net drops 18 percent

Cairn-IndiaNew Delhi, July 24 : Cairn India Wednesday declared an 18 percent fall in net profit at Rs. 3,127 crore for the first quarter ending June 30 from the like period of 2012.

It earned Rs. 31.27 billion for the quarter as compared to Rs. 38.25 billion a year ago.

Revenues for the quarter at Rs. 4,063 crore also declined 8 percent year-on-year.

Cash flow from operations for the quarter stood at Rs. 2,438 crore.

The company said it had achieved its highest ever gross operated production of 212,442 barrels of oil equivalent per day (boepd), a 5 percent increase quarter-on-quarter.

Cairn to invest $3 bn to find more oil and gas

Cairn-IndiaMumbai, July 24 : Cairn India will invest Rs. 16,000 crore ($3 billion) over the next three years in finding more oil and gas in its oil blocks in Rajasthan and elsewhere in the country, chairman Navin Agarwal said Wednesday.

"Over the next three years, through the end of FY2016, your company will invest more than Rs. 16,000 crore ($3 billion) in pursuit of finding and producing more oil. In Rajasthan, your company will invest more than Rs. 13,000 crore ($2.4 billion) and drill more than 450 wells," Agarwal told the company's annual shareholders meeting.

SC dismisses plea challenging Vedanta-Cairn deal

SC dismisses plea challenging Vedanta-Cairn dealIndia's apex court, the Supreme Court of India has dismissed a plea challenging Vedanta-Cairn deal valued at US 8.5 billion on Thursday.

The SC threw out a PIL that challenged the validity of the deal. A bench of justices K. S. Radhakrishnan and Dipak Misra ruled that the decision was taken by the central government and the ONGC based on the deal and the court will not interfere with a judgment on the decision thatwas taken by parties in business dealing after due deliberations.

Cairn India planning to invest Rs.12,000 crore in the next three years

Cairn India planning to invest Rs.12,000 crore in the next three yearsOil giant, Cairn India Ltd has said that it is planning to invest about Rs. 12,000 crore on oil and gas exploration and production during the coming three years in the country.

Cairn India, which was recently acquired by Vedanta Resources in 2011, has said that its net profit recorded an increase of 17.3 per cent to Rs. 2,563.60 crore during the quarter till March, 2013 compared to the same quarter of the previous year. The profit was affected by a drilling of an unsuccessful exploration well in Sri Lanka amounting to of Rs. 265.85 crore.

Cairn makes 26th oil discovery in Rajasthan block

Cairn makes 26th oil discovery in Rajasthan blockVedanta Group explorer Cairn India has announced that it has made the 26th oil discovery in its Rajasthan block.

The company said in statement that the discovery made in the Dharvi Dungar sands of Raageshwari-Tukaram area in the RJ-ON-90/1 block of Barmer basin has nearly 10 meters of gross oil column.

The statement read, "Technical evaluations indicate about 10 metres of gross oil column within Dharvi Dungar formation."

Cairn India finds oil again in Rajasthan's Barmer basin

Cairn-IndiaJaipur, April 9 : Vedanta group firm Cairn India Tuesday said it has made the 26th oil discovery in its RJ-ON-90/1 block in Rajasthan's Barmer district.

Technical evaluations indicate nearly 10 metres of gross oil column within Dharvi Dungar sands in Raageshwari-Tukaram area, the company said in a statement.

"We are delighted with the 26th discovery in the block. This reaffirms our belief that an aggressive exploration drilling programme will help harness the full potential of the Barmer Basin in Rajasthan. This is a step closer towards reserve accretion through exploration led growth," said Elango P, board member.

Cairn India aims to hike crude oil production to 500,000 bpd

Cairn India aims to hike crude oil production to 500,000 bpd Anil Agarwal-promoted Cairn India Ltd aims to hike its crude oil output from current 175,000 barrels per day (bpd) to 500,000 bpd, or 25 million tones per year, in the next few years.

Cairn India, which was acquired by Vedanta Group following several regulatory obstacles, has already invested Rs 180 billion ($3.31bn) to boost production of crude oil in the country. For the next financial year that starts April 1, it has plans to invest another Rs 60 billion.

Cairn India begins additional exploration at Barmer

   Cairn India begins additional exploration at BarmerCairn India has started additional exploration for oil at its operational field in Barmer in the western Indian state of Rajasthan.

The company has started drilling for finding new reserves at the site with an aim to increase production to 215,000 barrels per day by March, 2014. The company has become the first to begin additional exploration on an existing producing field after the union oil ministry in India allowed companies to carry on exploration on existing oil fields at their own cost.

Cairn starts exploration drilling programme in Barmer field

Cairn starts exploration drilling programme in Barmer fieldCairn India on Monday started its exploration well drilling programme in its Barmer oil field in Rajasthan.

The explorer has plans to invest $15 million in drilling a total of three exploration wells in the field during the current fiscal in a bid to raise production.

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