Do not see much upside in Cairn India: ICICI Direct

In a chat with ET Now, Pankaj Pandey, Head of Research, ICICI Direct, shares his trading ideas.

What's the expectation from Cairn India as the deadline regarding the deal with Vedanta nears?

For Cairn, we have a valuation of about Rs 330 odd, which values the employed reserves at about $85 per barrel. Given that crude oil prices have moved up a bit, probably some bit of more upside would be there, otherwise we do not see too much of an upside from current levels.