Cairn India stock surge 5 pc on smart Q3 earnings

MUMBAI: Cheering Cairn India's handsome earnings in the December quarter, shares of the oil and gas exploration company advanced by nearly 5 per cent in morning trade on the Bombay Stock Exchange today.

Cairn India Ltd yesterday reported an almost seven-fold jump in net profit for the third quarter on the back of an increase in output from its producing oil and gas properties.

The company's net profit jumped to Rs 2,010.12 crore in the October-December from Rs 290.96 crore in the corresponding period of the previous year.

Bolstered by the robust numbers, shares of the company surged by 4.9 per cent to an early high of Rs 329.40 on the BSE.

Smart buying lifted the company's shares on the National Stock Exchange as well, where it jumped by 5.25 per cent to touch an early peak of Rs 330.60.

On the volume front, over 24 lakh shares of the company were traded on the two bourses in early trade today.

Meanwhile, the BSE 30-share index Sensex was trading at 17,400.65, down by 62.39 points.