Cairn India remains favourable: Deven Choksey

In a chat with ET Now, Deven Choksey, MD, KR Choksey Securities, shares his views on various stocks.

ET Now: In the near term do you think it make sense to skip Reliance and look at Cairn India?

Deven Choksey: Cairn Sri Lanka is a 100% subsidiary of Cairn India. It has given the kind of announcement yesterday, this is expected to probably create higher amount of reserves. Though nothing has been available as far as the numbers are concerned but it is expected to increase the reserves for the company. What I gather is that they are also expected to get a little better price compared to what they have been fetching at this point of time of $6.5 per mmBtu from the Lankan government.

So, to a greater extent Cairn India remains favourable at this point of time because in less than three months time, it is the second successive discovery that they have found in this region. Maybe we maintain the target for this company at around 335 levels in the current times.