Cairn India gains over 3 pc on oil discovery in KG basin

MUMBAI: Cairn India today surged over 3 per cent on the Bombay Stock Exchange in early trade a day after it made an oil and gas discovery in an onland KG Basin block.

In a weak broader market, shares of the company rose by 3.39 per cent to an early high of Rs 355.

The scrip jumped 3.33 per cent to Rs 355 on the National Stock Exchange.

"There is lot of buying interest seen in the counter which is taking it higher even in the volatile market," SMC Global Vice President Rajesh Jain said.

Meanwhile, the 30-share benchmark Sensex was trading at 18,353.43, down 0.30 per cent from previous close.

Yesterday, Cairn India, which is on the verge of being acquired by mining firm Vedanta Resources, had made an oil and gas discovery in a block, situated in the Krishna-Godavari Basin and has been awarded under the fifth New Exploration Licencing Policy (NELP-V) bidding round.