Technical analyst Prabir Kumar Sarkar of SPA Securities has maintained 'buy' rating on Cairn India Limited stock to achieve a target of Rs 360 in 2-3 trading sessions.

Mr. Prabir also said that if the stock market remains positive, the newt target to achieve in the same time period is Rs 367.

According to analyst, the stock can be purchased with a stop loss of Rs 343.

Today, the stock of the company opened at Rs 353 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 368 and a low of Rs 262.60 on BSE.

Current EPS & P/E ratio stood at 22.03 and 16.15 respectively.

As per reports, Cairn India and its JV associated are ready to take on a $44 million drilling campaign in the eastern offshore Ravva arena of the Krishna-Godavari Basin from the next month.

"Cairn, which is the operator of the Ravva field, held a series of meetings last month with partners ONGC, Videocon and Marubeni-controlled Ravva Oil to discuss the work programme and budget for the 2011-12 fiscal," sources stated.

The gathering attended by functionaries of the upstream regulator, the Directorate General of Hydrocarbons, outlined plans to drill two new 'infill' wells and 'workover' two old Ravva wells by March, 2012.

Cairn India and its JV partners have finished a 4D seismic campaign in the home and data analysis is in progress to discover bypassed oil zones.

But, sources stated that they could not approximate the amount of oil or gas, which can be further retrieved from the wells at this phase.